Banga outlined the bank's revised energy strategy in an email to staff after what he called a constructive discussion with the board on Tuesday. He said the board was not yet in agreement on whether the bank should engage in funding the production of natural gas, and if so, under what circumstances.
The nuclear issue was agreed fairly easily by board members, but several countries, including Germany, France and Britain, did not fully support changing the bank's approach to embrace upstream natural gas projects, sources familiar with the discussion said.
Banga has championed a shift in the bank's energy policy since taking office in June 2023, arguing the bank should pursue an "all of the above" approach to help countries meet rising electricity needs and advance development goals.
The Trump administration has been pushing hard for ending the ban on nuclear energy projects since taking office.
Twenty-eight countries already use commercial nuclear power, with 10 more ready to start and another 10 potentially ready by 2030, according to the Energy for Growth Hub and Third Way.
The bank would support efforts to extend the life of existing nuclear reactors, along with grid upgrades. It would also work to accelerate the potential of small modular reactors.
Trump administration officials and some development experts say developing countries should not be blocked from using inexpensive power to expand their economies while advanced economies like Germany continue to burn fossil fuels.
"Net zero does not mean fossil fuel free. It means, still, that there will be 20% energy coming from fossil fuels," said Mia Mottley, prime minister of Barbados. "We know natural gas is that clean fuel."
He said the bank would continue to advise on and finance midstream and downstream natural gas projects when they represented the least-cost option, aligned with development plans, minimized risk and did not constrain renewables.
Banga said the bank would continue advising on and financing the retirement of coal plants, supporting carbon capture for industry and power generation, but not for enhanced oil recovery, which can typically secure commercial financing.
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