The International Atomic Energy Agency (IAEA) and the European Bank for Reconstruction and Development (EBRD) have signed an agreement to expand their cooperation in nuclear energy as part of efforts to unlock investments in a low-carbon future.
The IAEA said in a statement that the agreement, signed on the sidelines of the United Nations Climate Change Conference (Cop29) in Baku, Azerbaijan, will expand existing partnership between the two organisations “beyond nuclear and radiation safety concerns”.
The move marks a shift in focus from traditional safety concerns towards capacity-building initiatives and developing energy policy, governance and financing frameworks, and mechanisms to reach net zero goals, the statement said.
“Together we are not only building on years of successful cooperation in nuclear safety, but we are opening new doors for capacity building, clean energy, and economic resilience,” said IAEA director-general Rafael Grossi.
“Partnering with financial institutions, like the EBRD, is essential to unlocking the investments needed for a low-carbon future,” he said.
Grossi highlighted the importance of partnerships with financial institutions and the private sector to scale up nuclear energy.
The IAEA said it invites government, industry, banks and other stakeholders to partner with the agency and to contribute their financial resources, expertise, industrial knowledge and advocacy.
The agency said countries can benefit from the IAEA-EBRD partnership’s activities in support nuclear and radiation safety and technical infrastructure, including the decommissioning of facilities and the management of radioactive waste.
The IAEA and EBRD have a longstanding commitment to nuclear decommissioning efforts across Eastern Europe, Russia, and Central Asia, including ongoing projects in Ukraine, Bulgaria, Lithuania, and Slovakia, and environmental remediation in Central Asia.