UN Watchdog urges finance for nuclear projects by development banks.

TLDR:

• International development banks are urged to finance nuclear power projects by the IAEA Director General.
• The World Bank and other multinational lenders need to update their stance on nuclear energy.

According to a recent article on OilPrice.com, the Director General of the International Atomic Energy Agency (IAEA) has called on international development banks to finance nuclear power projects. Multinational lenders such as the Asian Development Bank and the World Bank need to update their stance on nuclear energy, which they have shunned funding for decades. The World Bank, for example, has not backed a nuclear project since the late 1950s due to opposition from stakeholders like Germany.

The IAEA Director General highlighted the changing attitudes towards nuclear energy, with many countries looking to triple nuclear energy capacities by 2050 to achieve net-zero emissions goals. Even countries like Japan, which had abandoned nuclear energy after the Fukushima disaster, are looking to bring back nuclear power as an energy source in response to energy crises.

Key Points:

• International development banks urged to finance nuclear power projects.
• Countries like Japan are looking to incorporate more nuclear power in their energy mix.
• The IAEA Director General emphasizes the role of nuclear energy in achieving global net-zero goals.

Overall, the article underscores the importance of updating financial support for nuclear projects to align with new energy goals and address the changing global energy landscape.