This week saw a major shift in stance from the World Bank when its president Ajay Banga told staff: “for the first time in decades, the World Bank Group will begin to re-enter the nuclear energy space”.
I’ve worked in both renewable and nuclear energy for a long time, and when I’ve had discussions with the World Bank, I’ve always understood very clearly that they would not entertain any suggestion of funding nuclear energy. To raise it was pointless. However, when discussing renewable energy, they were all ears. This statement by Banga, therefore, represents an enormous shift in policy by the bank.
Why this shift? Banga went on to explain that “electricity is a fundamental human right and the foundation of development. Jobs require electricity – as do health systems, education, clean water, public safety, and so much more. And demand will only grow as populations expand, economies industrialise, and digitalisation accelerates”. Working with groups like the IAEA, the bank will “support efforts to extend the life of existing reactors in countries that already have them, and help support grid upgrades and related infrastructure. We will also work to accelerate the potential of Small Modular Reactors – so they can become a viable option for more countries over time”.
This attitude follows on from the ongoing debate around the role that nuclear energy can and many say does play in decarbonising the energy sector. Many people consider nuclear energy to be a green energy.
Whatever the view, this change in attitude by the World Bank confirms the ongoing role that nuclear energy will play as part of a portfolio of generation methods. Small Modular Reactors are receiving considerable attention due to their modular nature and relative ease of deployment. At the other end of the size scale, Sizewell C in the UK has this week had its funding confirmed. Nuclear is evidently here to stay in one form or another, and that represents a complete volte-face from attitudes I used to hear in the nineties and noughties.
About the Author
Edward de la Billiere is a solicitor and co-founder of Prospect Law. He trained at the leading Middle East firm Trowers and Hamlins, working in both their London and Dubai offices, predominantly in the oil sector. On qualification, Edward moved to Magnox Electric as a commercial solicitor, where he was involved in its take-over by the nuclear operator BNFL.
