Translation. Region: Russian Federation –
Source: International Atomic Energy Agency –
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ADB President Masato Kanda and IAEA Director General Rafael Mariano Grossi signed a new agreement to strengthen cooperation to support countries in Asia and the Pacific exploring nuclear energy alternatives. Photo: D. Calma/IAEA
The International Atomic Energy Agency (IAEA) and the Asian Development Bank (ADB) have signed a new agreement to strengthen cooperation to support countries in Asia and the Pacific as they explore ways to incorporate nuclear energy alternatives into their long-term energy and development strategies.
The agreement, signed by IAEA Director General Rafael Mariano Grossi and ADB President Masato Kanda on the sidelines of the High-Level International Forum on the NUTEC Plastics Initiative in Manila, Philippines, came at a key moment: on November 24, the ADB Board of Directors revised its energy policy to include measures to promote nuclear energy as a decarbonization tool, including through investment. Following this shift in direction by the ADB, the IAEA welcomed the bank's commitment to begin discussions to identify specific areas and potential projects for cooperation.
"This new partnership is an important step toward attracting investment for nuclear energy projects," said Mr. Grossi. "The agreement signed today marks a significant step forward. The ADB has opened the door to nuclear energy financing, and now we will quickly identify practical areas of cooperation that will meet the growing energy needs of countries in the region. The ADB's new approach to nuclear financing and the IAEA's technical leadership are an excellent combination. We will now begin to formulate concrete initiatives that will enable reliable, low-carbon energy and bring greater stability to the lives of millions of people," explained Mr. Grossi.
"Considering the ADB's updated energy policy, which views nuclear energy as an alternative to fossil fuels for baseload generation, this agreement provides developing country participants with robust guarantees, effective governance, and a firm commitment to sustainable development," explains Mr. Kanda. "We aim to help the region make informed decisions that balance the need for energy access with the need to ensure energy security and a sustainable future."
Earlier this year, the Agency concluded a historic agreement with the World Bank, signed by Director-General Grossi and World Bank President Ajay Banga. The agreement with the ADB will enable development organizations worldwide to support nuclear energy. This further contributes to growing interest in this sector globally and to supporting countries that are beginning to develop nuclear energy to expand energy access, ensure security, and ensure sustainability.
The agreement provides a framework for cooperation in innovative nuclear technologies that will enable countries in Asia and the Pacific to diversify their energy mix and meet growing electricity demand. The agreement will enable the ADB to deepen its technical expertise in nuclear energy, particularly in areas such as energy planning, infrastructure development, and the incorporation of nuclear energy alternatives into clean energy transition strategies.
According to the IAEA, there are currently 37 countries embarking on the development of nuclear energy, considering the possibility of integrating nuclear energy into their energy mix, planning to do so, or having successfully made progress in this direction. More than a third of these countries are members of the Asian Development Bank (ADB).
This new phase was made possible by the existing framework agreement on cooperation between the IAEA and the ADB. Under it, the two organizations collaborate on shared priority areas such as health, food security, environmental protection, water resources management, and energy planning.
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