World Bank Considers Major Energy Policy Shake-Up Under Ajay Banga's Leadership

World Bank President Ajay Banga is advocating for a major shift in the bank's energy policy. He aims to lift the ban on nuclear power financing and promote a more inclusive energy strategy that includes natural gas, geothermal, solar, wind, and hydroelectric projects, pending board approval in June.

World Bank President Ajay Banga is spearheading a transformative energy strategy that could lift the existing ban on nuclear power financing. This potential policy shift also includes supporting more natural gas, geothermal, solar, wind, and hydroelectric projects, marking a broadened approach to energy investment.

Banga plans to discuss this 'all of the above' energy strategy during a meeting with the bank's executive board in June. The U.S., being the largest shareholder, has expressed support for this diversified energy policy, which aligns with its push for the bank to be more 'energy agnostic.' However, the plan requires board and shareholder approval to be implemented.

Despite concerns from climate activists that such changes might detract from funding for alternative energy projects, the bank emphasizes that its policy will still focus significantly on climate change initiatives. Support from countries like Germany and critical analysis from development experts underscore the complexity and potential global impact of this policy shift.

(With inputs from agencies.)