Donald Trump’s election to lead the World Bank’s largest shareholder may impact the Bank’s long-standing prohibition of support to nuclear energy. Calls to revisit the Bank’s policy have been growing, with six new countries endorsing a declaration to triple nuclear energy production by 2050, including several from the Global South. In September, 14 of the world’s biggest banks stated their support for those efforts. International Atomic Energy Agency Director General Rafael Mariano Grossi spoke to World Bank executive directors during the October Annual Meetings, highlighting that World Bank support for nuclear energy would bring it in line with the ‘new consensus’ reached at COP28 in Dubai. Those calls and optimism are contradicted by civil society concerns about the approach, including its impact on delaying decarbonisation.

The Financial Times reported in October that, “advisers within the office of World Bank President Ajay Banga are keen to find workarounds [to the prohibition],” and highlighted that “the Republican chair of the House Financial Services committee, Representative Patrick McHenry, has introduced legislation requiring the US Treasury to push the World Bank to lift its ban on nuclear power.” While the bill hasn’t passed, the article noted staffers are “cautiously optimistic that the Bank’s stance could change soon.” Such optimism no doubt reflects Trump’s support for investment in nuclear energy. The US’ approach to the Bank’s position on the topic may also be influenced by security arguments highlighting the leadership of China and Russia in the sector.