Charles Oppenheimer: The World Bank should fund nuclear energy

Charles Oppenheimer is Founder & Co-Executive Director of the Oppenheimer Project, which champions reducing nuclear risks and rebranding fission as a force for good.

The world is in the midst of an energy crisis. Energy security is a top priority for all nations, while billions of people still lack abundant reliable electricity.

Yet countries seeking to build clean energy infrastructure face financing gaps that limit their options. At the same time, the urgency of climate change demands that we transition to low carbon fuels as quickly as possible.

Given these challenges, it is time for the World Bank to reconsider its outdated prohibition on financing nuclear power.

As a grandson of J. Robert Oppenheimer, I am acutely aware of nuclear energy’s history and its potential. While his work led to the atomic bomb, he also recognised nuclear energy’s power to serve humanity in peaceful ways.

Today, nuclear power remains one of the most promising solutions to the dual challenges of securing sufficient energy for all and limiting the worst effects of climate change. That’s why all credible scenarios of a low carbon future include a major role for nuclear energy.

Despite its clear benefits, the World Bank has kept nuclear energy off the table for countries that need it most.

The strength of the Non-Proliferation Treaty that helps keep the world safe from nuclear weapons rests on a fundamental “Grand Bargain”: nations that commit to forgoing nuclear weapons gain rights to access nuclear technology for peaceful purposes, including power and medicine.

Now, with the climate crisis intensifying, this element of the treaty is more important than ever. It is time to deliver on that promise with financial cooperation to expand nuclear power.

More clean power is good for people and the planet

Nuclear energy is among the cleanest and most reliable sources of power. Unlike wind and solar, it provides consistent power and unlike fossil fuels, it does not produce harmful emissions that contribute to climate change.

As fast-growing nations around the globe expand their energy capacity, nuclear power should be an option they can choose with support from multilateral development banks like the World Bank.

Over 750 million people worldwide still lack access to electricity, while over 3 billion people suffer from unreliable grids. Expanding nuclear energy can help lift people out of poverty, reduce air pollution and its serious health impacts, and provide the stable power needed to support industrial expansion and economic growth.

More investment options are better for developing countries

Many countries in Africa, Asia, and Latin America are eager to develop nuclear power but struggle to secure financing. Lower-income countries often depend on multilateral banks like the World Bank to support major infrastructure investments.

By refusing to even consider financing nuclear projects, the World Bank forces these countries into a difficult position. If they want to pursue nuclear power, their only option is to negotiate deals with Russia, which dominates the global nuclear export market.

These deals often come with long-term fuel supply agreements that lock countries into dependency. The World Bank has the power to change this backroom game – with more investor options comes competitive bidding. This would encourage transparency, better prices, and more clean energy for the future.

Pursuing nuclear energy is a win for the United States and its allies

Lifting the World Bank’s ban on nuclear energy would also be a strategic win for the United States, allowing it to compete more effectively.

U.S. companies have some of the best nuclear technology in the world, but they are often shut out of deals that go instead to Russian or Chinese state-backed firms.

China and Russia offer developing nations a package they can’t refuse: full financing, construction, and spent fuel management. The U.S. should be working to break this cycle by promoting competitive, transparent financing alternatives.

As leaders gather at the World Bank/IMF Spring Meetings in Washington this week to consider the future of its energy policies, nuclear power must be part of the conversation. Refusing to assist countries in accessing this technology is both unjust and counterproductive.

The momentum for change is already building. In March, the U.S. House Financial Services Committee approved the International Nuclear Energy Financing Act of 2025, which calls on the U.S. Treasury to push for lifting the World Bank’s ban on nuclear financing.

At the same time, the Trump administration is reassessing U.S. support for the World Bank, increasing pressure on the institution to align its energy policies with American priorities. This presents a rare and urgent opportunity to modernise the World Bank’s approach to energy financing.

My grandfather believed that international cooperation is the only path to reduce the threat from nuclear weapons and access the enormous potential of nuclear energy for peaceful purposes.

It is time for the World Bank to embrace this vision and support nuclear power as a critical tool for global development. By doing so, it can help millions of people gain access to clean, reliable electricity, support economic growth, and promote a safer, more stable world.