From Ban to Boom

From Ban to Boom: The World Bank’s Nuclear U-Turn

At the start of 2025, nuclear energy still looked like a fading bet. By mid-year, though, the story had shifted. Energy Considered’s tracking of 5,000 global thought leaders (KOLs) shows how quickly perceptions changed from “decline” in Q1 to “renaissance” in Q2 driven by leadership, shifting narratives, and capital flows.

For much of the past decade, nuclear seemed stuck in retreat. In Taiwan, politics committed the country to closing its last reactors by 2025, even as it leaned heavily on gas imports that were already stretched thin. Germany shut down its final nuclear plants, igniting fierce debate: the German Nuclear Association pushed for a restart to avoid blackouts and price shocks. Meanwhile, Japan’s post-Fukushima restarts remained sluggish, reinforcing the idea that nuclear was losing ground.

But our tracked experts cautioned against writing its obituary. Asia was telling a very different story, with China, India, and South Korea responsible for nearly two-thirds of all new reactors under construction projects designed to secure reliable baseload power. As our tracked KOL Mycle Schneider, CEO of KMG and lead author of the World Nuclear Industry Status Report, noted: “The narrative of nuclear decline ignores the momentum in Asia, where new reactors are being built faster than anywhere else in the world.” Even in the U.S., nuclear was showing surprising strength. In Q1, average generating costs held steady at around $32 per megawatt-hour almost 40% lower than a decade ago thanks to improvements in fuel use and operations. Compared to volatile LNG prices, nuclear offered both stability and affordability. That reliability fed into public conversation: in Q1 alone, Energy Considered’s KOLs referenced nuclear 528 times, reflecting the heat of the debate.

From Ban to Boom: The World Bank’s Nuclear U-Turn

In Q1 2025, conversations across Energy Considered’s 5,000 tracked key opinion leaders revealed a split picture for nuclear power. In Europe and Taiwan, political headwinds kept momentum low, with Germany’s phase-out still stirring debate and Taiwan pressing ahead toward a 2025 shutdown. Yet in Asia, the opposite story was unfolding: China, India, and Korea steadily built out new reactors, betting that nuclear’s stable, carbon-free baseload was too valuable to abandon at a time when data centres and AI were driving electricity demand to new highs.

Mentions of nuclear spiked to 528 in Q1, much of it from NGOs and consulting voices. Much of the conversation revolved around small modular reactors (SMRs): compact units that could be deployed faster, often in markets lacking large-scale LNG. Tech giants such as Amazon, Meta, and Google kept backing nuclear to anchor data centres, even while the near-term market tilted toward gas with carbon capture. Tracked KOL, James Schaefer, Senior Managing Director at Guggenheim, underscored the point: “LNG is a stopgap. Data centres and AI require baseload that doesn’t fluctuate, that’s where nuclear belongs.”

By Q2, mentions rose further to 732, reflecting nuclear’s return to the mainstream conversation. On June 12, the World Bank ended its decade-long ban on nuclear financing, formally agreeing to support reactor life extensions, grid upgrades, and deployment of SMRs in developing countries. Energy Considered’s tracked KOL and World Bank President Ajay Banga described the move as part of an “all-of-the-above” strategy to meet soaring electricity demand, particularly in digital economies. For nations from Ghana to Vietnam, the policy shift represents access to multilateral funding that could turn nuclear into a mainstream development tool. China pressed ahead with its Linglong One reactor, while India issued tenders to replace coal with nuclear capacity.

Unlock Full Access to this Insight

To continue reading this briefing and explore deeper insights, register for access to our Energy Insights Portal. Inside, you’ll find:

  • Extended editorial briefings with in-depth analysis and empirical data drawn from 5,000 of the world’s most influential commentators on the energy industry on key issues shaping the energy sector.
  • Monthly and quarterly data identifying and tracking how energy industry leaders are engaging with critical topics.
  • In depth research explaining why energy industry leaders are engaging with these key issues and providing the context and framework for further exploration.
  • Quantitative primary research conducted with responses from energy industry leaders on our panel, providing unique answers to the issues affecting the global energy industry.
  • Power BI dashboards offering dynamic exploration of 5,000 energy key opinion leaders, social and digital narrative analysed against 14 strategic and tactical energy industry metrics.
  • Expert interpretation of what these issues really mean to the industry and what decisions can be taken on the back of unprecedented empirical evidence.
See our Solutions Get in Touch

Please to access exclusive research and data-driven analysis.

From Ban to Boom: The World Bank’s Nuclear U-Turn - Quarter 2 2025

Case for tracking:

Nuclear energy saw renewed global momentum as nations and institutions embraced it for clean, reliable power in Q2 2025. The World Bank lifted its funding ban, enabling developing countries to pursue nuclear growth, with a focus on safer, faster-to-deploy small modular reactors (SMRs). The U.S. ramped up political and financial support to stay competitive with China and Russia, as China led in nuclear capacity and Germany reconsidered its phase-out. Private sector confidence grew, with tech giants like Amazon, Google and Meta backing nuclear fusion.

While LNG with carbon capture remains a short-term fallback for industries like data centres, together, Q1 focuses on short-term choices and market realities, while in Q2 nuclear is increasingly viewed as a vital part of long-term clean energy strategies despite lingering cost and public perception challenges.

Volume of Mentions from Energy Considered’s Key Opinion Leaders:

Unlock Full Access to this Insight

To continue reading this briefing and explore deeper insights, register for access to our Energy Insights Portal. Inside, you’ll find:

  • Extended editorial briefings with in-depth analysis and empirical data drawn from 5,000 of the world’s most influential commentators on the energy industry on key issues shaping the energy sector.
  • Monthly and quarterly data identifying and tracking how energy industry leaders are engaging with critical topics.
  • In depth research explaining why energy industry leaders are engaging with these key issues and providing the context and framework for further exploration.
  • Quantitative primary research conducted with responses from energy industry leaders on our panel, providing unique answers to the issues affecting the global energy industry.
  • Power BI dashboards offering dynamic exploration of 5,000 energy key opinion leaders, social and digital narrative analysed against 14 strategic and tactical energy industry metrics.
  • Expert interpretation of what these issues really mean to the industry and what decisions can be taken on the back of unprecedented empirical evidence.
See our Solutions Get in Touch

Please to access exclusive research and data-driven analysis.