Bravo to Banga for signaling support to greenlight nuclear at the World Bank

But no time to waste

The Bloomberg headline is promising: World Bank May Drop Ban on Funding Nuclear Power, President Says. It explains

“The good news is the board has come together and said they’re willing to discuss” the change, World Bank President Ajay Banga said [March 20] at an event in Washington, adding that he expects the move to be included in a broader energy policy proposal expected in June 2026.

A few quick reactions.

1. Well done, President Banga. This is a big step forward. The Bank is notoriously resistant to change so getting the board to even consider major policy shifts is no small feat. A board discussion of nuclear power would have been utterly impossible even a year ago (thanks to Germany and recalcitrant senior Bank officials who shall remain unnamed).

2. Dropping the nuclear ban should be a no brainer. I’ve argued before why this would be smart. Bank involvement can help countries get the firm clean power they need, while also supporting the expansion of a technology that the world will require to meet global growth and decarb goals.

3. Moving quickly would be politically smart. Banga is in a tough position having been appointed by President Biden in May 2023 with clear directions to pivot to fighting climate change. Now he’s got to shift to a constructive relationship with a very different White House with very different priorities. It’s no secret that the Trump admin is looking hard at World Bank funding and perhaps even reconsidering US membership. Lifting the nuclear ban would signal he’s prepared to adapt, while also reinforcing the Bank’s core mission.

4. But don’t wait too long. A tactical mistake would be allowing the board or the Bank bureaucracy to just slow-roll any decision. Death-by-review is an age-old blocking ploy. Bloomberg reports the nuclear change policy change may be tied to a policy doc due in June 2026. A board discussion and policy change should not require 15 months (or even longer as these often get delayed by months or years).

So let’s get moving already

Yes, Banga should have the board discussion and let the policy review process play out. But there’s no reason preliminary steps can’t be taken soon to build momentum. A little update of my checklist of practical steps to remove the ban:

✅ Send a clear signal that leadership supports a change. Done.

🔲 Build an in-house team of experts. Not done, but intentions could be announced even as soon as the Bank-Fund spring meetings next month. The US Congress has already signaled they are willing to help kickstart.

🔲 Become nuclear advisors to clients who want it. Lots of countries are getting ready for next generation nuclear. Advising on regulation, procurement and more could be done once the team is in place, maybe starting next year.

🔲 Normalize nuclear in infrastructure planning. Sorta happening ad hoc already, but could be more open. Start now and explain why.

🔲 Remove nuclear from the IFC’s exclusion list. This could be done at or during the board discussion without waiting for a whole new energy policy to be negotiated. The change would require deleting one bullet of six words. The update would open the door to similar changes at the 21 other public financial institutions that copy the IFC list.

Let’s get this done already.