Kuala Lumpur: The Asian Development Bank (ADB) is expected to maintain its stance against financing nuclear power generation projects as it reviews its energy policy this year, despite the rising popularity of nuclear energy as an alternative power source.

According to BERNAMA News Agency, ADB director for Southeast Asia and the Pacific in the Energy Sector, Dr. Keiju Mitsuhashi, expressed that although ADB aims to support its member countries in expanding their energy capacities, the bank perceives significant obstacles to investing in nuclear power. These barriers include challenges in deployment, waste management risks, and safety concerns.

Dr. Mitsuhashi remarked, “We are not a financing solution for everything. We’re not Superman. We have to specialise in what we’re good at, and leave areas outside our expertise to other institutions and financing agencies better suited for those roles.” He further reiterated that ADB would not be investing in nuclear power generation during a panel discussion at the ASEAN Workshop on Sustainable Development (AWSD) 2025, held at Sunway University.

The session, titled “Powering ASEAN Green Future: Power Generation, Transmission, and Storage,” included notable panellists such as Deputy Prime Minister Datuk Seri Fadillah Yusof, who also serves as the Minister of Energy Transition and Water Transformation, and Xin Baoan, chairman of the Global Energy Interconnection Development Cooperation Organisation and President of China Electricity Council.

Mitsuhashi acknowledged that nuclear power is drawing increasing interest from global investors, with many countries, including those in Southeast Asia and Malaysia, striving to achieve their decarbonisation goals by 2050. He emphasized the importance of acting now to ensure energy security and affordability, noting that nuclear power is under consideration in some regions.

He highlighted the difficulty of replacing coal-fired power plants solely with renewable energy sources like solar and wind, which require substantial investment in storage solutions such as battery energy storage and pump hydro systems. While many countries are examining their energy mix for power development, ADB remains hesitant to finance nuclear power plants due to institutional confidence concerns and the division of labor among various agencies.

As a multilateral development bank, ADB is committed to ensuring transparency and cost competitiveness in investments, advocating for open tender bidding processes.