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Nuclear lobby attacks Australia’s Nuclear Prohibition laws

Jim Green, Online Opinion, 27 Feb 2020, https://onlineopinion.com.au/view.asp?article=20758&page=0  

Nuclear power in Australia is prohibited under the Environmental Protection and Biodiversity Conservation (EPBC) Act 1999. A review of the EPBC Act is underway and there is a strong push from the nuclear industry to remove the bans. However, federal and state laws banning nuclear power have served Australia well and should be retained.

Too cheap to meter or too expensive to matter? Laws banning nuclear power has saved Australia from the huge costs associated with failed and failing reactor projects in Europe and North America, such as the Westinghouse project in South Carolina that was abandoned after the expenditure of at least A$13.4 billion. The Westinghouse / South Carolina fiasco could so easily have been replicated in any of Australia’s states or territories if not for the legal bans.

There are many other examples of shocking nuclear costs and cost overruns, including:

* The cost of the two reactors under construction in the US state of Georgia has doubled and now stands at A$20.4‒22.6 billion per reactor.

* The cost of the only reactor under construction in France has nearly quadrupled and now stands at A$20.0 billion. It is 10 years behind schedule.

* The cost of the only reactor under construction in Finland has nearly quadrupled and now stands at A$17.7 billion. It is 10 years behind schedule.

* The cost of the four reactors under construction in the United Arab Emirates has increased from A$7.5 billion per reactor to A$10‒12 billion per reactor.

* In the UK, the estimated cost of the only two reactors under construction is A$25.9 billion per reactor. A decade ago, the estimated cost was almost seven times lower. The UK National Audit Office estimates that taxpayer subsidies for the project will amount to A$58 billion, despite earlier government promises that no taxpayer subsidies would be made available.

Nuclear power has clearly priced itself out of the market and will certainly decline over the coming decades. Indeed the nuclear industry is in crisis ‒ as industry insiders and lobbyists freely acknowledge. Westinghouse ‒ the most experienced reactor builder in the world ‒ filed for bankruptcy in 2017 as a result of catastrophic cost overruns on reactor projects. A growing number of countries are phasing out nuclear power, including Germany, Switzerland, Spain, Belgium, Taiwan and South Korea.

Rising power bills: Laws banning nuclear power should be retained because nuclear power could not possibly pass any reasonable economic test. Nuclear power clearly fails the two economic tests set by Prime Minister Scott Morrison. Firstly, nuclear power could not possibly be introduced or maintained without huge taxpayer subsidies. Secondly, nuclear power would undoubtedly result in higher electricity prices.

Nuclear waste streams: Laws banning nuclear power should be retained because no solution exists to for the safe, long-term management of streams of low-, intermediate- and high-level nuclear wastes. No country has an operating repository for high-level nuclear waste. The United States has a deep underground repository for long-lived intermediate-level waste ‒ the only operating deep underground repository worldwide ‒ but it was closed from 2014‒17 following a chemical explosion in an underground waste barrel. Safety standards and regulatory oversight fell away sharply within the first decade of operation of the U.S. repository ‒ a sobering reminder of the challenge of safely managing dangerous nuclear wastes for tens of thousands of years.

Too dangerous: The Fukushima and Chernobyl disasters results in the evacuation of over half a million people and economic costs in the hundreds of billions of dollars. In addition to the danger of nuclear reactor meltdowns and fires and chemical explosions, there are other dangers. Doubling nuclear output by the middle of the century would require the construction of 800−900 reactors. These reactors not only become military targets but they would produce over one million tonnes of high-level nuclear waste containing enough plutonium to build over one million nuclear weapons.

Pre-deployed terrorist targets: Nuclear power plants have been described as pre-deployed terrorist targets and pose a major security threat. This in turn would likely see an increase in policing and security operations and costs and a commensurate impact on civil liberties and public access to information. Other nations in our region may view Australian nuclear aspirations with suspicion and concern given that many aspects of the technology and knowledge-base are the same as those required for nuclear weapons.

Former US Vice President Al Gore summarised the proliferation problem: “For eight years in the White House, every weapons-proliferation problem we dealt with was connected to a civilian reactor program. And if we ever got to the point where we wanted to use nuclear reactors to back out a lot of coal … then we’d have to put them in so many places we’d run that proliferation risk right off the reasonability scale.”

Too slow: Expanding nuclear power is impractical as a short-term response to climate change. An analysis by Australian economist Prof. John Quiggin concludes that it would be “virtually impossible” to get a nuclear power reactor operating in Australia before 2040. More time would elapse before nuclear power has generated as much as energy as was expended in the construction of the reactor: a University of Sydney report concluded that the energy payback time for nuclear reactors is 6.5‒7 years. Taking into account planning and approvals, construction, and the energy payback time, it would be a quarter of a century or more before nuclear power could even begin to reduce greenhouse emissions in Australia (and then only assuming that nuclear power displaced fossil fuels).

Too thirsty: Nuclear power is extraordinarily thirsty. A single nuclear power reactor consumes 35‒65 million litres of water per day for cooling.

Water consumption of different energy sources (litres / kWh):

* Nuclear 2.5

* Coal 1.9

* Combined Cycle Gas 0.95

* Solar PV 0.11

* Wind 0.004

Climate change and nuclear hazards: Nuclear power plants are vulnerable to threats which are being exacerbated by climate change. These include dwindling and warming water sources, sea-level rise, storm damage, drought, and jelly-fish swarms. Nuclear engineer David Lochbaum states. “I’ve heard many nuclear proponents say that nuclear power is part of the solution to global warming. It needs to be reversed: You need to solve global warming for nuclear plants to survive.”

In January 2019, the Climate Council, comprising Australia’s leading climate scientists and other policy experts, issued a policy statement concluding that nuclear power plants “are not appropriate for Australia – and probably never will be”.

By contrast, the REN21 Renewables 2015: Global Status Report states that renewable energy systems “have unique qualities that make them suitable both for reinforcing the resilience of the wider energy infrastructure and for ensuring the provision of energy services under changing climatic conditions.”

First Nations: Laws banning nuclear power should be retained because the pursuit of a nuclear power industry would almost certainly worsen patterns of disempowerment and dispossession that Australia’s First Nations have experienced ‒ and continue to experience ‒ as a result of nuclear and uranium projects.

To give one example (among many), the National Radioactive Waste Management Act dispossesses and disempowers Traditional Owners in many respects: the nomination of a site for a radioactive waste dump is valid even if Aboriginal owners were not consulted and did not give consent; the Act has sections which nullify State or Territory laws that protect archaeological or heritage values, including those which relate to Indigenous traditions; the Act curtails the application of Commonwealth laws including the Aboriginal and Torres Strait Islander Heritage Protection Act 1984 and the Native Title Act 1993 in the important site-selection stage; and the Native Title Act 1993 is expressly overridden in relation to land acquisition for a radioactive waste dump.

No social license: Laws banning nuclear power should be retained because there is no social license to introduce nuclear power to Australia. Opinion polls find that Australians are overwhelmingly opposed to a nuclear power reactor being built in their local vicinity (10‒28% support, 55‒73% opposition); and opinion polls find that support for renewable energy sources far exceeds support for nuclear power (for example a 2015 IPSOS poll found 72‒87% support for solar and wind power but just 26% support for nuclear power). As the Clean Energy Council noted in its submission to the 2019 federal nuclear inquiry, it would require “a minor miracle” to win community support for nuclear power in Australia.

The pursuit of nuclear power would also require bipartisan political consensus at state and federal levels for several decades. Good luck with that. Currently, there is a bipartisan consensus at the federal level to retain the legal ban. The noisy, ultra-conservative rump of the Coalition is lobbying for nuclear power but their push has been rejected by, amongst others, the federal Liberal Party leadership, the Queensland Liberal-National Party, the SA Liberal government, the Tasmanian Liberal government, the NSW Liberal Premier and environment minister, and even ultra-conservatives such as Nationals Senator Matt Canavan.

The future is renewable, not radioactive: Laws banning nuclear power should be retained because the introduction of nuclear power would delay and undermine the development of effective, economic energy and climate policies based on renewable energy sources and energy efficiency. A December 2019 report by CSIRO and the Australian Energy Market Operator finds that construction costs for nuclear reactors are 2‒8 times higher than costs for wind or solar. Levelised costs for nuclear are 2‒3 times greater per unit of energy produced compared to wind or solar including either 2 hours of battery storage or 6 hours of pumped hydro energy storage.

Australia can do better than fuel higher carbon emissions and unnecessary radioactive risk. We need to embrace the fastest growing global energy sector and become a driver of clean energy thinking and technology and a world leader in renewable energy technology. We can grow the jobs of the future here today. This will provide a just transition for energy sector workers, their families and communities and the certainty to ensure vibrant regional economies and secure sustainable and skilled jobs into the future. Renewable energy is affordable, low risk, clean and popular. Nuclear is not. Our shared energy future is renewable, not radioactive.

More Information

* Don’t Nuke the Climate Australia, www.dont-nuke-the-climate.org.au

* Climate Council, 2019, ‘Nuclear Power Stations are Not Appropriate for Australia – and Probably Never Will Be’, https://www.climatecouncil.org.au/nuclear-power-stations-are-not-appropriate-for-australia-and-probably-never-will-be/

* WISE Nuclear Monitor, 25 June 2016, ‘Nuclear power: No solution to climate change’, https://www.wiseinternational.org/nuclear-monitor/806/nuclear-power-no-solution-climate-change

Dr. Jim Green is the national nuclear campaigner with Friends of the Earth Australia.

February 27, 2020 Posted by Christina Macpherson | AUSTRALIA, business and costs, climate change, indigenous issues, water | Leave a comment

Egypt going into $25 billion debt to Russia, to buy nuclear reactors

Russia lends Egypt $25 billion for Dabaa nuclear power plant, AL-Monitor, 26 Feb 20,  CAIRO — Atomstroyexport, a subsidiary of Russia’s State Atomic Energy Corporation, or Rosatom, announced Feb. 17 that three Egyptian companies were awarded a tender offer for constructing the first phase of Egypt’s Dabaa nuclear power plant.

The three Egyptian companies, competing among 10 others, are Petrojet, Hassan Allam and the Arab Contractors.

The Egyptian government intends to start negotiations within the next few days with the Egyptian Nuclear and Radiological Regulatory Authority to obtain permission to start implementing the Dabaa nuclear plant project. The plant will be constructed in the Dabaa area of Marsa Matrouh governorate in the west of the country.

The Dabaa plant is the first nuclear plant for peaceful uses, with a total capacity of 4.8 gigawatts. The project is financially supported by Rosatom through a Russian loan amounting to $25 billion………….

Yemen al-Hamaki, a professor of economics at Ain Shams University said that under this agreement Egypt will use the loan to finance 85% of the total value of the building, construction, insurance and all other related works. Egypt would bear the remaining 15% in the form of installments. The loan is for 13 years at a 3% annual interest rate. If Egypt fails to repay any of the annual interest within 10 working days, it shall be subject to arrears of 150% of the interest rate calculated on a daily basis

Hamaki also warned that this massive Russian loan of $25 billion could blow up Egypt’s foreign debts. “This loan is a great risk to the future because it burdens the state and should be settled from the wealth and economic assets of the future generations,” she said, adding, “Egypt’s resorting to many loans foretells its inability to attract foreign investments, while tourism revenues continue to decline.” …..  https://www.al-monitor.com/pulse/originals/2020/02/power-plant-nuclear-egypt-russia-loan.html#ixzz6F5iQcolQ

February 27, 2020 Posted by Christina Macpherson | Egypt, marketing, Russia | Leave a comment

The Planet Is Screwed, Says Bank That Screwed the Planet

The New Republic 
A report from two economists at JP Morgan Chase pushes back against traditional economic wisdom on climate change.
By KATE ARONOFF, February 25, 2020  

JP Morgan Chase is the world’s leading financer of fossil fuel projects. And according to a report from within the company, recently leaked to the press, the world is seriously underestimating the adverse effects of climate change.
The 22-page report, entitled “Risky Business: the climate and the macroeconomy” and dated January 14, 2020, has been reported by multiple outlets since Friday as containing a gloomy assessment of the risk presented by climate change in the near future. But it also offers a withering takedown of how economists in particular have tended to think about the climate crisis, criticizing findings from several of the field’s experts by name, including a recent winner of the Nobel Prize in economics.
“We cannot rule out catastrophic outcomes where human life as we know it is threatened,” the report concludes. It’s a stunning bit of cognitive dissonance from a bank that is doing so much to fuel the crisis. It also shows a growing push for a more grounded assessment of the crisis than mainstream economics has offered in recent decades….
Essentially an informational document, the report—written by U.K.-based JP Morgan economists David Mackie and Jessica Murray—reviews a battery of academic literature on climate change. It examines several predictions of climate change’s impact on gross domestic product, including economist Richard Tol’s 2018 survey of 26 different climate models—one of the more comprehensive recent works. While Tol has links to organizations that have cast doubt on the scientific consensus around the climate crisis, as his own research has, the findings listed are not especially controversial. But the JP Morgan Chase report authors push back on those and other prominent predictions. “Most likely,” the authors conclude, “these estimates of the income and wealth effects of unmitigated climate change are far too small.”……..
The JP Morgan report doesn’t include clear recommendations for what the company’s own risk analysts should do with the information presented. “Most likely,” it states, “business as usual will be the path that policymakers follow in the years ahead”—something its authors say “opens the earth to a greater likelihood of a catastrophic outcome” than previously estimated. The report does not discuss the bank’s support for polluting industries, which have spent handsomely to block climate action at virtually every level of government.
“It is depressing that JP Morgan are trying to evade responsibility for this thorough and useful report that restates what climate scientists, Greta Thunberg, and Extinction Rebellion alike have been saying for some time now: that our very future as a species is at stake,” Rupert Read, who originally obtained the report, wrote in an email. “It would be so much better if they owned up fully to what is in this report. But then, that would of course require them to completely transform their business model.”
All that dissonance may be starting to wear thin. Ahead of its annual investor day Tuesday and under persistent pressure from Gwich’in Steering Committee and green groups, JP Morgan Chase said it would stop any new financing of drilling in the Arctic National Wildlife Refuge and expand restrictions on financing coal projects. https://newrepublic.com/article/156657/planet-screwed-says-bank-screwed-planet

February 27, 2020 Posted by Christina Macpherson | 2 WORLD, business and costs, climate change | Leave a comment

U.S. Pentagon demands $167 billion tax-payer nuclear funding through to 2025

Pentagon Plan Calls for a $9 Billion Surge in Nuclear Spending by 2025,  TIME,  BY TONY CAPACCIO / BLOOMBERG, FEBRUARY 26, 2020

The Pentagon’s five-year nuclear weapons plan calls for requesting at least $167 billion through 2025 — building from the $29 billion sought for next year to $38 billion, according to previously undisclosed figures.

The commitment includes research, development, procurement, sustainment and operations. It reflects a major boost to an effort started under President Barack Obama to replace aging nuclear systems, such as Minuteman III missiles and command and control systems.

It doesn’t include funding for the Energy Department’s National Nuclear Security Administration, which is requesting $19.8 billion for fiscal 2021, including $15.6 billion for nuclear weapons activities.

Congressional Democrats have been generally supportive of increased nuclear weapons spending, but Defense Secretary Mark Esper is likely to be questioned about the size and scope of the five-year plan when he testifies Wednesday before the House Armed Services Committee.

Esper is also likely to face bipartisan opposition from the defense-focused committee on President Donald Trump’s plan to shift $3.8 billion from Pentagon programs to his wall on the Mexican border.

The Defense Department’s five-year plan on nuclear programs calls for $29 billion for fiscal 2021, $30 billion in 2022 and $33 billion in 2023, before jumping to $37 billion in 2024 and $38 billion in 2025.

The plan includes $25 billion for research and procurement — but not support and operations for — the new Columbia-class intercontinental ballistic missile submarine that begins construction this year, $24 billion for improved nuclear command and control and $23 billion for the Air Force’s B-21 bomber. ….. https://time.com/5790901/pentagon-nuclear-weapons-spending/

February 27, 2020 Posted by Christina Macpherson | business and costs, USA, weapons and war | Leave a comment

USA’s nuclear insurance places the big responsibility on the tax-payer

The US government insurance scheme for nuclear power plant accidents no longer makes sense, Bulletin of the Atomic Scientists, By Victor Gilinsky, February 26, 2020   The Japan Center for Economic Research, a source sympathetic to nuclear power, recently put the long-term costs of the 2011 Fukushima accident as about $750 billion. Contrast that with the maximum of $13 billion that could be available after a catastrophic US nuclear accident under the plant owners’ self-insurance scheme defined by the Price-Anderson Act. The Act will have to be renewed before 2025; Congress should seize the opportunity not only to reflect on the lack of insurance in the event of a catastrophic accident, but also to reconsider our approach to nuclear power plant safety altogether.


Price-Anderson
 frees nuclear plant operators and all firms involved in nuclear construction and maintenance of any liability for offsite accident damage. The only chance for additional compensation lies in the act’s declaration that if accident damages exceed the legal limit “Congress will thoroughly review the particular incident” and will “take whatever action is determined to be necessary” to provide full compensation to the public. In short, a Fukushima-level accident would toss the costs of compensation and cleanup unto the lap of Congress. ……….

The main public risk of nuclear power plants comes from rare but devastating nuclear accidents. Because data on such accidents is sparse, the probability of their occurrence has to be calculated on the basis of a model, rather than obtained from experience. Moreover, the extent of an accident and its monetary consequences are postulated on the basis of models that are limited by analysts’ imagination. Who would have imagined, for example, that the Fukushima accident would involve several reactors? Or that Japan would subsequently shut down all its other nuclear power plants?……….

Curiously, from the chairman on down, the NRC misstates the legal standard for its safety decisions. The NRC and its staff claim their job is to provide “reasonable assurance of adequate protection,” whereas the standard in the Atomic Energy Act is “adequate protection.” Under the law, their job is to provide adequate protection, period. Do the commissioners think the extra cushion of “reasonable assurance” justifies weaker regulation?

To return to the Price-Anderson Act: As we’ve seen, a catastrophic accident would render the US self-insurance scheme for nuclear power plants pretty much irrelevant. But the indemnification of all industry participants would remain highly relevant: The industry would be free of any liability for offsite death or damage, whereas the victims would have to go hat in hand to Congress for restitution. This is an enormous subsidy—consider, again, the $750 billion and counting tab for Fukushima—that the federal government provides the nuclear industry, one without which not a single US nuclear power plant would or could operate. Freedom from liability also has had a perverse effect on nuclear safety. Without the liability protection of Price-Anderson, industry incentives to develop nuclear designs safer than light water reactors would surely have been higher.

Freedom from liability was put into law in the 1950s to get the US commercial nuclear power industry off the ground. It was meant to be temporary, until industry and insurers got some experience with the new technology. But even as time went on, industrial organizations like General Electric and Westinghouse would not participate in the civilian nuclear program if they risked responsibility for offsite damage from a nuclear plant accident………

What is clear is that the nuclear firms—the largest of which possess an understanding of nuclear safety far beyond that of the public—do not believe the NRC safety conclusions that the risk of a catastrophic nuclear accident is infinitesmal. Nor do they accept that probable risk—probability of an accident times the consequences, were one to occur—as the right measure of risk to their companies. They don’t want to risk their companies, period.

If they don’t believe the NRC numbers, why should the rest of us accept them?

Why shouldn’t we have the same protection from physical harm that the nuclear industry has from financial liability? And just as the nuclear vendors will not participate on terms that do not include indemnification from the overwhelming cost of a severe accident, so should the public have the analogous power to only accept future nuclear designs that can demonstrate that they preclude offsite harm. And the designs should demonstrate that level of safety in a clear way, based on physical principles, not on complicated probabilistic calculations put forward by interested parties.

Such new designs would eliminate the current dilemma of a federal nuclear self-insurance scheme that cannot, as a practical matter, cover the financial consequences to the public of catastrophic nuclear power plant accidents. But how to get there? One of the disincentives is the Price-Anderson Act’s limitations on industry liability for offsite accident consequences. That should get phased out.  https://thebulletin.org/2020/02/the-us-government-insurance-scheme-for-nuclear-power-plant-accidents-no-longer-makes-sense/#

February 27, 2020 Posted by Christina Macpherson | business and costs, Legal, Reference, USA | Leave a comment

USA fails to stop G20 finance ministers and central bank governors warning on climate change

G20 sounds alarm over climate emergency despite US objections,Group’s first ever reference to global heating signals growing economic concerns over climate change, Guardian,  Richard Partington Economics correspondent @RJPartington, Mon 24 Feb 2020 The G20 group of the world’s wealthiest nations have agreed for the first time to collectively sound the alarm over the threat to the financial system posed by the climate emergency.Overcoming objections from Donald Trump’s US administration, G20 finance ministers and central bank governors meeting in Saudi Arabia over the weekend agreed to issue their first ever communique with references to climate change, according to reports from Reuters.

Sources told the news agency that the statement of priorities included the importance of examining the implications of global heating for financial stability, as part of the work of the G20’s Financial stability Board, the steering group for international banking industry rules.

The language represented a compromise to overcome opposition from US officials at the first major meeting of Saudi Arabia’s year-long presidency of the G20, according to the sources. An attempt to include references to the downside risks for global growth posed by the climate crisis was dropped…….

The International Monetary Fund included climate-related disasters in a list of the risks facing a highly fragile recovery in the global economy this year. However, the increasing focus comes as US officials resist naming global heating as an economic risk, following Trump’s move at the outset of his presidency to withdraw the world’s largest economy from the Paris climate accords. https://www.theguardian.com/world/2020/feb/23/g20-sounds-alarm-over-climate-emergency

February 25, 2020 Posted by Christina Macpherson | 2 WORLD, business and costs, climate change | Leave a comment

Communist Party of India (CPI (M) oppose purchase of U.S nuclear, with Jared Kushner’s vested interest

ANDHRA PRADESH

CPI(M) opposes move to sign MoU with U.S. over nuclear reactor, https://www.thehindu.com/news/national/andhra-pradesh/cpim-opposes-move-to-sign-mou-with-us-over-nuclear-reactor/article30906879.ece

Party leader urges Centre to protect the country’s security

Demanding dropping of nuclear power plant proposed by Nuclear Power Corporation of India Ltd (NPCIL) at Kovvada in Srikakulam district, CPI (M) State Secretariat member Ch. Narsinga Rao on Monday said United States President Donald Trump was on a visit to India to pursue supply of reactor to the plant, among other things.

He told reporters along with Greater Visakha unit president of CPI (M) B. Ganga Rao that the Government of India should be aware of the fact that Trump’s son-in-law Jared Kushner had ‘vested interest’ in the supply of the reactor to Kovvada plant.

Mr. Narsinga Rao said Westhouse company, which agreed to supply the reactor to Kovvada, had been acquired by Brookfield Asset Management, an investment company in which Qatar Investment Authority is a major stakeholder.

The CPI (M) leader said Mr. Kushner was an investor in Qatar Investment Authority.

Mr. Trump might be keen on proceeding with the MoU on Kovvada, he alleged and asked the Centre to protect the country’s security by rejecting America’s plea to supply the rector to NPCIL.

He said originally nuclear power plant was proposed at Mithivirdi in Gujarat and due to public protest, it was later decided to set up the plant at Kovvada. He said the Kovvada plant would be expensive and unviable and banks funding it were bound to turn bankrupt.

Mr. Rao said former Union Power secretary E.A.S. Sarma had also strongly opposed the move to sign MoU with the US for supply of six reactors for Kovvada from the erstwhile Westinghouse company.

February 25, 2020 Posted by Christina Macpherson | India, marketing, secrets,lies and civil liberties | Leave a comment

Outage’s at EDF’s Hinkley nuclear station extended until June

EDF Energy extends outages at Hinkley Point B nuclear plant   https://www.reuters.com/article/edf-energy-nuclear/update-1-edf-energy-extends-outages-at-hinkley-point-b-nuclear-plant-idUSL5N2AO3DT

LONDON, Feb 24 (Reuters) – EDF Energy has extended two planned outages at Britain’s Hinkley Point B nuclear plant to June to complete further inspections of the reactor cores, the company said on Monday.
A planned outage at Britain’s Hinkley Point B-8 nuclear reactor has been extended by three months, data from EDF Energy shows.   The 480 megawatt reactor went offline on Friday night and was originally due to return to service on March 17. The restart date has now been extended to June 5.
An upcoming outage from April at Hinkley Point B-7 reactor has been extended to June 20 from May 19.“We have decided to take more time to complete the forthcoming inspection outages at Hinkley Point B to allow for additional analysis and review of the core inspection findings which as always we will share with our regulator, ONR,” a company spokesman said, referring to the Office for Nuclear Regulation.

The reactors have to undergo such inspections after cracks developed faster than expected in graphite bricks in the reactor core at another of the company’s nuclear fleet in Britain.

Reporting by Nina Chestney; Editing by Edmund Blair and Jane Merriman

February 25, 2020 Posted by Christina Macpherson | business and costs, safety, UK | Leave a comment

JP Morgan economists warn climate crisis is threat to human race

JP Morgan economists warn climate crisis is threat to human race https://www.theguardian.com/environment/2020/feb/21/jp-morgan-economists-warn-climate-crisis-threat-human-race  

Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory, Patrick Greenfield and Jonathan Watts  The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document.The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences.

The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas.

JP Morgan has provided $75bn (£61bn) in financial services to the companies most aggressively expanding in sectors such as fracking and Arctic oil and gas exploration since the Paris agreement, according to analysis compiled for the Guardian last year.

Its report was obtained by Rupert Read, an Extinction Rebellion spokesperson and philosophy academic at the University of East Anglia, and has been seen by the Guardian.

The research by JP Morgan economists David Mackie and Jessica Murray says the climate crisis will impact the world economy, human health, water stress, migration and the survival of other species on Earth.

“We cannot rule out catastrophic outcomes where human life as we know it is threatened,” notes the paper, which is dated 14 January.

Drawing on extensive academic literature and forecasts by the International Monetary Fund and the UN Intergovernmental Panel on Climate Change (IPCC), the paper notes that global heating is on course to hit 3.5C above pre-industrial levels by the end of the century. It says most estimates of the likely economic and health costs are far too small because they fail to account for the loss of wealth, the discount rate and the possibility of increased natural disasters.

The authors say policymakers need to change direction because a business-as-usual climate policy “would likely push the earth to a place that we haven’t seen for many millions of years”, with outcomes that might be impossible to reverse.

“Although precise predictions are not possible, it is clear that the Earth is on an unsustainable trajectory. Something will have to change at some point if the human race is going to survive.”

The investment bank says climate change “reflects a global market failure in the sense that producers and consumers of CO2 emissions do not pay for the climate damage that results.” To reverse this, it highlights the need for a global carbon tax but cautions that it is “not going to happen anytime soon” because of concerns about jobs and competitiveness.

The authors say it is “likely the [climate] situation will continue to deteriorate, possibly more so than in any of the IPCC’s scenarios”.

Without naming any organisation, the authors say changes are occurring at the micro level, involving shifts in behaviour by individuals, companies and investors, but this is unlikely to be enough without the involvement of the fiscal and financial authorities.

Last year, analysis compiled for the Guardian by Rainforest Action Network, a US-based environmental organisation, found JP Morgan was one of 33 powerful financial institutions to have provided an estimated total of $1.9tn (£1.47tn) to the fossil fuel sector between 2016 and 2018.

A JP Morgan spokesperson told the BBC the research team was “wholly independent from the company as a whole, and not a commentary on it”, but declined to comment further. The metadata on the pdf of the report obtained by Read said the document was created on 13 January and that the author of the file was Gabriel de Kock, executive director of JP Morgan. The Guardian has approached the investment bank for comment.

Pressure from student strikers, activist shareholders and divestment campaigners has prompted several major institutions to claim they will make the climate more of a priority. The business model of fossil fuel companies is also weakening as wind and solar become more competitive. Earlier this month, the influential merchant bank Goldman Sachs downgraded ExxonMobil from a “neutral” to a “sell” position. In January, BlackRock – the world’s biggest asset manager – said it would lower its exposure to fossil fuels ahead of a “significant reallocation of capital”.

Environmental groups remain wary because huge sums are invested in petrochemical firms, but some veteran financial analysts say the tide is changing. The CNBC money pundit Jim Cramer shocked many in his field when he declared: “I’m done with fossil fuels. They’re done. They’re just done.” Describing how a new generation of pension fund managers was withdrawing support, he claimed oil and gas firms were in the death knell phase. “The world has turned on them. It’s actually happening kind of quickly. You’re seeing divestiture by a lot of different funds. It’s going to be a parade that says, ‘Look, these are tobacco. And we’re not going to own them,’” he said. “We’re in a new world.”

 

February 22, 2020 Posted by Christina Macpherson | 2 WORLD, business and costs, climate change | Leave a comment

Trump to visit India as salesman for Westinghouse nuclear reactors

Westinghouse to sign deal for six nuclear reactors in India during Trump’s visit: report  HTTPS://THEHILL.COM/POLICY/INTERNATIONAL/INDIA/483820-WESTINGHOUSE-TO-SIGN-DEAL-FOR-SIX-NUCLEAR-REACTORS-IN-INDIA-DURING  BY JUSTINE COLEMAN – 02/20/20   U.S. energy company Westinghouse is expected to sign a deal for six nuclear reactors with the state-run Nuclear Power Corporation of India (NPCIL) during President Trump’s trip to the country, Reuters reported.The deal will outline timelines and name the lead local constructor for building the reactors at Kovvada in southern India, according to the news service.

India has reportedly been open to receiving nuclear reactors since its 2008 civil nuclear energy pact with the U.S. Last year, the countries announced they had committed to six reactors.

Representatives from the U.S. Energy and Commerce departments, Westinghouse, the U.S.-India Strategic Partnership Forum and The Nuclear Energy Institute have met in India for negotiations, Reuters noted.

Rita Baranwal, assistant secretary for the Office of Nuclear Energy in the U.S. Department of Energy, told the news service that the team is “optimistic” the agreement will be signed “shortly.”

“We are encouraging moving forward with Westinghouse and NPCIL to sign a MoU. It certainly is a private industry-to-private industry, a business-to-business decision,” she said, referring to a memorandum of understanding.

Representatives from the U.S. Energy and Commerce departments, Westinghouse, the U.S.-India Strategic Partnership Forum and The Nuclear Energy Institute have met in India for negotiations, Reuters noted.

The Hill reached out to Westinghouse and NPCIL for comment.

February 22, 2020 Posted by Christina Macpherson | India, marketing, politics international, USA | Leave a comment

Large U.S. nuclear delegation to India to con Indians into buying Small Modular Nuclear Reactors

Nuclear ties in focus ahead of Trump visit, Live Mint 18 Feb 2020, Elizabeth Roche

  • The US delegation held talks for collaborating in R&D, advanced nuclear tech and offered nuclear power plants
  • The US team was the largest to visit India since the two nations eased differences over civil nuclear liability in 2015
  • New Delhi: The largest US nuclear delegation to visit India in five years held talks with senior Indian officials last week, exploring collaborations in research and development (R&D) and advanced nuclear technology, besides offering nuclear power plants in a range of sizes.

    The delegation of a dozen people representing the US industry and government, headed by Rita Baranwal, assistant secretary for the office of nuclear energy in the department of energy, was in India on 10-14 February to explore opportunities.

    The group was in India under the aegis of the US-India Strategic Partnership Forum.

    The visit came ahead of US President Donald Trump’s 24-25 February official trip to India next week.

    Besides collaborating with India in R&D and advanced nuclear technology, the US has offered nuclear power plants in three sizes—small modular, micro, and bigger plants of at least one gigawatt capacity……

    There are a lot of really talented researchers in India and I think we need to continue our discussions and leverage that talent so that as we move forward to deploy advanced nuclear technology reactors we have the technology talent that can assist with deploying and operating those types of nuclear reactors,” she said.

    “And when I talk about advanced nuclear technology I mean not only the large gigawatt-size reactors such as Westinghouse AP-1000 but also the SMR (small modular reactor) technology and the even smaller micro reactor.”…….

  • The US is looking to set up advanced nuclear technology demonstration reactors in the next five-seven years. The new technologies would be for the US market, “but we hope to see them deployed globally and it will be really great to have Indian cooperation early in the process. …. https://www.livemint.com/news/india/nuclear-ties-in-focus-ahead-of-trump-visit-11582049040350.html
  •  

February 20, 2020 Posted by Christina Macpherson | India, marketing, USA | Leave a comment

European Pressurised Reactor at Flamanville: nuclear is expensive and it doesn’t work.

France Culture 14th Feb 2020, EPR: nuclear is expensive and it doesn’t work. A kind of modern replica of the Danaïdes barrel, the EPR at Flamanville, in the Manche department, is once again being talked about: between construction delays (delivery scheduled for 2010, “potentially promised” now in 2022) and additional costs ( estimated three billion, we would exceed 12 billion today), is there ultimately a future for what was sold in the late 90s (1998-2000) as
the new wonder of the genre?

https://www.franceculture.fr/emissions/superfail/superfail-du-lundi-4-novembre-lepr-le-nucleaire-cest-cher-et-ca-ne-fonctionne-pas

February 18, 2020 Posted by Christina Macpherson | business and costs, France, politics | Leave a comment

Tortuous progress, ever-increasing costs for UK’s Sizewell and Hinkley Point C nuclear projectsy

Reports: EDF readies plans for £16bn Sizewell C nuclear plant,  Business Green , Michael Holder, 17 Feb 20, EDF is gearing up to formally submit plans for a new £16bn-£20bn nuclear power station at Sizewell in Suffolk within weeks, which if approved could generate enough energy for around six million UK homes, according to reports.The French state-controlled energy giant has again teamed up with CGN – the Chinese state-owned company with which it is currently developing Hinkley Point C power station in Somerset – on the project, which would include two new EPR reactors, reports The Telegraph.

A planning application is currently being prepared for the new Suffolk nuclear plant, which would be located at the same site as EDF’s existing Sizewell B nuclear plant, and could be lodged by as soon as the end of this month, or potentially in March, the newspaper revealed on Saturday.

Due to the size of the development, the project requires a Development Consent Order (DSO) to proceed from the UK’s Planning Inspectorate, which could take around a year to approve or reject the application.

…. concerns reportedly remain about flood risk at the site due to its low lying coastal location, while a framework for funding the new Sizewell nuclear plant still needs to be ironed out, which could potentially delay the plant’s development, according to the newspaper.

A spokesperson for EDF said work on the DSO application “is continuing” but declined to comment any further when contacted by BusinessGreen.

It comes in the wake of criticism over the decision to proceed with the two firms’ other flagship nuclear project Hinkley Point C due to the high cost associated with the project, which is being paid for through a surcharge on consumer energy bills.

In September EDF was once again forced to increase its cost estimates for the Somerset project, admitting that costs are likely to soar £2.9bn over the original budget, and that it may not start generating electricity until 2026, 15 months later than previously scheduled.

More broadly the UK’s nuclear sector has suffered setbacks over the past couple of years, with two other major projects at Wylfa in North Wales and Moorside in Cumbria having both been shelved by developers over cost concerns…….. https://www.businessgreen.com/news/4010867/reports-edf-readies-plans-gbp16bn-sizewell-nuclear-plant

February 18, 2020 Posted by Christina Macpherson | business and costs, politics, UK | Leave a comment

Decline and uncertainty in UK nuclear construction

Construction News 10th Feb 2020, Contractors hoping to work on nuclear builds have been forced to scale back their workforce in recent months, according to the head of the sector’s trade body. Nuclear Industry Association (NIA) chief executive Tom Greatrex told Construction News that the uncertain future for nuclear megaprojects such as the £16bn Wylfa Newydd , which was suspended by Hitachi in January 2019, has had a negative impact on construction firms

Greatrex said: “There’s a lot [of nuclear specialists] that have cut back their
headcounts. If they don’t feel there’s going to be any work to do in that
area, they’ll focus on other areas and costs will be cut.” He added that
the NIA was aware of “a few small companies that have ceased to trade”,
but declined to name them.

https://www.constructionnews.co.uk/sustainability/nuclear-supply-chain-shrinking-due-to-uncertainty-10-02-2020/

February 13, 2020 Posted by Christina Macpherson | business and costs, UK | Leave a comment

Uranium prices at rock bottom- doesn’t help the struggling nuclear industry

Uranium Week: The Nuclear Conundrum https://www.fnarena.com/index.php/2020/02/11/uranium-week-the-nuclear-conundrum/

By Greg Peel, Lack of demand continues to drag on uranium prices despite ongoing production curtailments, yet nuclear energy remains a matter of cost.

-Uranium spot prices drift lower
-Production curtailments ongoing
-Nuclear power a costly option

he world’s largest mining investment conference, now in its 26th year, began in Cape Town last week. Given the tenuous state of South Africa’s energy supply, the focus this year of the “Investing in African Mining Indaba” is on a transition from coal toward renewable and clean energy resources to deal with power shortages across the African continent. (Indaba means meeting.)

The five-day conference brought together representatives from 94 countries and regions, including more than 38 ministers, under the theme “Optimizing Growth and Investment in the Digitized Mining Economy.”

The CEO of the Minerals Council South Africa said at the conference the Council fully supports a transition from coal to non-fossil fuel forms of power generation such as wind and solar power and, where cost is not prohibitive, nuclear power.

“Where cost is not prohibitive” underscores the dilemma facing the global nuclear power and uranium mining industries at present. The US experience is one of US uranium miners being unable to compete with cheaper imports from the likes of Canada and Kazakhstan, with uranium prices near historically low levels. Yet the US nuclear power industry cannot compete with gas-fired and renewable power, despite historically low uranium prices.

 

February 13, 2020 Posted by Christina Macpherson | business and costs, Uranium | Leave a comment

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