IAEA and Global Banks Shift Nuclear Cooperation From Policy to Delivery

“Building on recent agreements with international financial institutions, our priority now is delivery,” said IAEA Director General Rafael Mariano Grossi.

The International Atomic Energy Agency (IAEA) and the World Bank Group, together with other international financial institutions and multilateral development banks, have taken a major step toward turning nuclear energy cooperation into practical delivery, as demand grows for clean, reliable power to support development.

Building on a landmark nuclear energy cooperation agreement signed in June, senior experts met earlier this month at the IAEA’s headquarters in Vienna to focus on the next phase of collaboration — expanding cooperation beyond the World Bank Group, aligning technical and regulatory expectations, and enabling concrete support for countries pursuing nuclear energy under IAEA safety, security and non-proliferation standards.

The workshop brought together representatives from the World Bank Group, European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and the OPEC Fund for International Development, marking a clear shift from dialogue to coordinated implementation.

“Building on recent agreements with international financial institutions, our priority now is delivery,” said IAEA Director General Rafael Mariano Grossi. “It’s significant to have senior experts from these organizations working together to support countries on nuclear power and non-power applications — from electricity generation to health, food security, water and environmental protection.”

The IAEA–World Bank Group memorandum of understanding signed in Paris last June committed both institutions to deepen cooperation in three areas: building nuclear knowledge within the World Bank Group, supporting long-term operation of existing nuclear power plants, and advancing small modular reactors (SMRs). It marked the World Bank Group’s first formal re-engagement with nuclear power in decades — a shift now being echoed by other development banks.

Since then, the IAEA has concluded additional cooperation arrangements with institutions including the Asian Development Bank and the OPEC Fund, reflecting growing alignment around nuclear energy’s role in delivering low-carbon, reliable electricity for sustainable growth.

“The World Bank Group is taking a new approach to provide countries with more options to meet their power needs by re-entering the nuclear energy space,” said Lauren Culver, Senior Energy Specialist at the World Bank Group. “This workshop helped establish how nuclear projects can be financed in alignment with IAEA standards on safety, security, regulatory frameworks and safeguards.”

Discussions addressed key challenges for investors, including radioactive waste management, emergency preparedness and response, and institutional readiness. Sessions also explored how policy-based financing could support adoption of international treaties and embed nuclear safety, security and safeguards into national legislation.

Participants examined how development banks can finance early-stage groundwork such as SMR feasibility studies, waste disposal planning, fuel-cycle assessments and research reactors as entry points for building national nuclear capacity.

Environmental and social governance featured prominently. “Environmental and social standards are the architecture of responsible investment,” said Gerardo Parco, Acting Director of Sustainability and Climate Change at the OPEC Fund. “It was encouraging to see strong alignment on getting them right in nuclear energy.”

EBRD’s Debbie Cousins said the collaboration would help build investor confidence. “Harnessing the IAEA’s 30-plus years of experience across 170 Member States allows us to advance nuclear energy safely, sustainably and responsibly.”

The workshop marks the beginning of a more coordinated phase of cooperation, with interest in replicating the model regionally as nuclear options gain traction in developing economies.

“This workshop offered invaluable insights,” said Kee-Yung Nam, Principal Energy Economist at the Asian Development Bank. “A similar format in Asia and the Pacific would significantly strengthen nuclear power programmes in the region.”

Countries considering nuclear energy are encouraged to engage early with the IAEA and development banks to ensure projects meet international standards and are supported by robust institutional, legal and financial frameworks.