World Bank Group, IAEA formalize partnership to collaborate on Nuclear Energy for development
Together, we’ll deepen our expertise, support countries that choose nuclear, and ensure that safety, security, and sustainability guide every step forward.” “Today’s agreement is a milestone and the result of a year of joint work since President Ajay Banga kindly invited me to the World Bank Group Executive Board in Washington in June of last year,” IAEA Director General Grossi said. Together, we can help more people build a better future.” Under the memorandum of understanding signed today, the IAEA will work with the World Bank Group in three key areas: Build knowledge related to the nuclear field: Expand the World Bank Group’s understanding of nuclear safety, security, safeguards, energy planning, new technologies, fuel cycles, reactor lifecycles, and waste management. “This landmark partnership, yet another sign of the world’s return to realism on nuclear power, opens the door for other multilateral development banks and private investors to consider nuclear as a viable tool for energy security and sustainable prosperity. Extend the lifespan of existing nuclear power plants: Support developing countries in safely extending the life of existing nuclear reactors-one of the most cost-effective sources of low-carbon power-as many global reactors near the end of their original 40-year design life. Thirty-one countries currently operate nuclear power plants, which combined produce about 9% of the world’s electricity, amounting to almost a quarter of all low-carbon power globally. (Photo: M Arnaldo/World Bank) The World Bank Group and the International Atomic Energy Agency (IAEA) sealed an agreement today to work together to support the safe, secure and responsible use of nuclear energy in developing countries. The partnership agreement, signed by World Bank Group President Ajay Banga and IAEA Director General Rafael Mariano Grossi, formalizes multiple engagements between the two institutions over the last year, and marks the World Bank Group’s first concrete step to reengage with nuclear power in decades.
