FT editors urge nuclear adoption to avert ‘hell on earth’

Anyone who read the IPCC's Sixth Assessment's Working Group 1 report, Climate Change 2021: The Physical Science Basis, found it very disturbing. The editors of the Financial Times editors used the moment to publish an editorial entitled Time is running short to avert 'hell on earth.'

Editors don't mince words. They made it clear that what is at stake is the question of whether or not humanity will take the actions now that will ensure that the earth remains livable. The reported concensus of 234 international scientists is stark enough: disruptive weather events, droughts, heatwaves, forest fires and a hotter world are already locked in for decades or more and will continue to even get worse as more emissions are added. However, if we heed the recommendations of the IPCC's most optimistic scenario and effect "immediate, rapid and large-scale reductions" in emissions, we have a small chance of limiting global temperature rise to 1.6 degrees C above pre-industrial temperatures, rather than allowing them to mushroom higher, leaving room for a tragically degraded but habitable earth.

As frightening as this prospect may seem, this is not the time to throw up our hands, according to the editors. Rather this is the time that global leaders' resolve must focus on taking every option and available route possible to achieve net zero and achieve agreement at COP26 summit in Glasgow in November on dramagic goals. Which means that Boris Johnson and other world leaders must resist political pressure from those who still doubt and question the severity of climate change. This is, by now, a no-brainer.

But the editors proceed into bold and even downright courageous territory, where few intellectual leaders dare to tred. They emphasize that, while there are economic gains and returns to be gotten through the investment in innovation that are necessary for the path to net zero, we need to recognize that actually cutting carbon-intensity of nearly all of mankinds' activities will cause some real pain and not always be cost-effective. Furthermore, they write:

The IPCC report also should prompt environmental campaigners to abandon some traditional prejudices, particularly against nuclear power. Smaller nuclear plants deserve investment for the role they could play in generating carbon-free electricity.

They go on to proclaim: "attitudes . . . need rethinking," not just about nuclear power but also about geo-engineering, which is the use of various methods to temporarily keep the planet from being warmed by injecting some artificial means of atmospheric solar intervention that prevents the sun's rays from heating up the free GHGs in the atmosphere. These are brave pronouncements, since they run counter to the ideology of most progressive-minded environmentalists, and they really don't like it when people do that.

Read the FT's editorial, Time is running short to avert 'hell on earth,' published August 10, 2021. (Click the cartoon insert to see an image of the FT's editorial.)

Published by Nucleation Capital in Brilliant thinkers, Carbon emissions, Climate change, Climate mayhem, LINKS, Solving climate

November 17, 2020

Boris Johnson’s green plan puts advanced nuclear in top three

Boris Johnson, the UK Prime Minister, penned an oped in the Financial Times calling for a 12 billion-pount, 10-point plan to effect Britain's green recovery. Johnson wants to create 250,000 new jobs and turn the UK into the world's number one centre for green technology and finance. It is worth quoting the first three points of his plan verbatim.

"One — we will make the UK the Saudi Arabia of wind with enough offshore capacity to power every home by 2030. Two — we will turn water into energy with up to 500 million pounds of investment in hydrogen. Three — we will take forward our plans for new nuclear power, from large scale to small and advanced modular reactors."

Britain, which hosts the COP26 global climate change summit in Scotland in 2021 and has committed to a net zero carbon economy by 2050, seeks to use its commitment to tackling climate change to help build a strong partnership with U.S. President-elect Joe Biden. Johnson even uses the phrase "build back better," to show that he's in synch with Biden, who has used those words for his transition plannning site.

According to Fortune, the most radical policy is the phasing out diesel and gas car sales by 2030, 10 years earlier than previously scheduled, and head of France and Spain, which have 2040 target dates. Interestingly, the Greenpeace U.K. head of politics, Rebecca Newsom, welcomed the "landmark announcement" signalling the end for polluting cars and vans, as "a historic turning point" in addressing climate change. "Although there are some significant question marks and gaps, overall this is a big step forard for tackling the climate emergency," Newsom said.

Published by Nucleation Capital in Advanced Nuclear, Brilliant thinkers, Capital reallocation, Carbon emissions, Carbon negative, Climate change, Climate innovation fund, Climate policy, Government support, LINKS, Nuclear financing, Nuclear innovation, Nuclear R&D, Politicians supporting nuclear, UK Climate Policy

August 8, 2020

Climate Action 100+ deploys asset managers of $40 trillion to pressure corporate action on climate

Climate Action 100+ (CA100+), the largest asset manager activist alliance, with more than 450 investor members which collectively manage $40 trillion in assets, has secured climate action commitments from 70% of the 161 targeted companies, which account for the vast majority of CO2e emissions, since the group was organized 2.5 years ago.

BlackRock, which joined CA100+ earlier this year and manages $7 trillion in assets, is now among hundreds of large investors which have committed to work to get the targeted corporations (the ‘systemically important emitters’ accounting for two-thirds of annual global industrial emissions) aligned with the goals of the Paris Agreement. These asset managers are now actively driving change at the worst emitter companies from PetroChina to BP, forcing them to make public commitments to reduce emissions from their lines of business.

As the largest investor-to-company climate initiative in history, CA100+ has become the flagship investment industry group demanding that global corporations act on climate change.

Read more by Attracta Mooney at the Financial Times: "Corporate eco-warriors driving change from Shell to Qantas."

Published by Nucleation Capital in Asset manager support, Capital reallocation, Carbon emissions, Climate change, Corporate purpose, Fund sustainability, International support for nuclear, LINKS, Public companies

July 7, 2020

Lagarde puts fighting climate into agenda of European Central Bank’s bond program

Christine Lagarde, president of the European Central Bank, wants to use the €2.8tn asset purchase scheme in the fight against climate change. This marks the first time that the ECB president has committed to “greening” the central bank’s operations, including asset purchases. “I want to explore every avenue available in order to combat climate change,” Lagarde told the Financial Times. “This is something that I hold very strongly.” The move makes the ECB the first main central bank to examine using a flagship bond-buying programme to pursue green objectives.

Read more by Roula Khalaf and Martin Arnold at the Financial Times: "Lagarde puts green policy top of agenda in ECB bond buying."

Published by Nucleation Capital in Brilliant thinkers, Capital reallocation, Carbon emissions, Central bank support, Climate change, Climate policy, Government support, International support for nuclear, LINKS, Nuclear financing