The Director General of the International Atomic Energy Agency (IAEA), Rafael Mariano Grossi, has called for a new global approach to financing nuclear energy, warning that current funding models are slowing down the development of critical energy infrastructure, particularly in Africa.
He said this on Tuesday, May 19, during the opening of the second Nuclear Energy Innovation Summit for Africa (NEISA 2026), held at the Kigali Convention Centre from May 18-21.
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The summit brought together African heads of state and government, policymakers, regulators, financiers, and energy industry leaders.
Among the heads of state in attendance were President Paul Kagame, President Samia Suluhu Hassan of Tanzania, and Faure Essozimna Gnassingbé, President of the Council of Ministers of Togo.
Grossi said Africa’s rapidly growing electricity demand, coupled with persistent access gaps, has made energy security a central development priority.
“We know that we have a problem, but we are certainly at it, and it is also possible to be improved. This is where the responsibility of the international community comes in,” he said.
He stressed that nuclear energy should not be viewed only as a technological solution, but also as a financial and development imperative.
“We need to be very open to see that nuclear energy has to respond to energy needs and finance. And we need a very distinct, separate nuclear energy financing approach,” Grossi added.
According to him, financing remains one of the main barriers to nuclear expansion globally, despite increasing interest in the technology. However, he noted that international coordination is gradually improving conditions for progress.
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Grossi also noted the growing importance of small modular reactors (SMRs), describing them as a potential game-changer for future energy systems if regulatory and financing challenges are addressed.
SMRs are advanced nuclear reactors with a generating capacity of up to 300 megawatts per unit, around one-third of the output of conventional nuclear power plants, making them more flexible and potentially easier to deploy.
He called for stronger collaboration between governments, international institutions, and the private sector to accelerate nuclear energy development.
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“We are very happy that we are having this meeting. The elements are finally aligned for us to move forward. What we need now is to change how we think and act together as a global community,” he said.
Lassina Zerbo, Chairman of the Rwanda Atomic Energy Board (RAEB), said Africa’s energy challenge lies not in a lack of resources, but in turning ambition into bankable projects.
He noted that despite vast reserves of critical minerals such as cobalt, lithium, graphite, and rare earth elements, many African countries still face significant electricity access gaps.
“Africa’s challenge is therefore not one of resources. It is a challenge of consciousness. Africa must not be afraid of this new energy era,” he said.
He argued that the continent’s nuclear future will likely be shaped by modern technologies such as small modular reactors and micro nuclear reactors, which he said are safer, faster to construct, and better suited to existing infrastructure.
Zerbo also linked energy development to the continent’s digital transformation, noting that the rise of artificial intelligence and data-driven industries is driving global demand for stable and reliable power.
He warned that many African countries still lack the institutional frameworks needed to convert energy ambitions into viable investment opportunities.
“Our plan is not simply to discuss nuclear energy. It is to transform African ambition into bankable investment projects,” he said.