The World Bank will be able to invest in nuclear power in the future. This comes after the bank's CEO Ajay Banga announced internally that it will re-enter the field in cooperation with the International Energy Agency. This is reported by Financial Times.
The World Bank has not supported nuclear power since 1959, but will now support, among other things, expansions of infrastructure and extensions of the life of existing plants. The American CEO also emphasizes promoting the development of smaller modular reactors, which are being developed in several countries - including Denmark.
The decision comes at a time when the need for electricity is growing significantly - especially driven by artificial intelligence and the increasing number of data centers. According to the World Bank's own calculations, investments in energy production, distribution and storage will increase from DKK 1.83 trillion today to DKK 4.11 trillion in 2035. Goldman Sachs has estimated that a typical ChatGPT query uses almost ten times as much power as a Google search, and that data center power consumption will grow by 160 percent by 2030.
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