Germany has dropped its long-held opposition to nuclear power, in the first concrete sign of rapprochement with France by Berlin’s new government led by conservative Chancellor Friedrich Merz. Berlin has signalled to Paris it will no longer block French efforts to ensure nuclear power is treated on par with renewable energy in EU legislation, according to French and German officials.
Belgium officially abandoned plans to phase out nuclear power, with its parliament voting to scrap a two-decade-old pledge, allowing for the construction of new reactors. Lawmakers in Brussels backed the new conservative-led government's plan to revive the country's nuclear industry with 102 votes in favor, eight against and 31 abstentions.
Published by Nucleation Capital in Advanced Nuclear, Advanced Nuclear Customers, Carbon emissions, Energy transition, Fission, Future of Energy, Government support, History-making, INTERNATIONAL NEWS, International support for nuclear, LINKS, Nuclear competitiveness, Nuclear innovation, Politicians supporting nuclear, Solving climate
There is nothing more difficult and potentially risky than breaking ranks with one's ideologic tribe. In deciding to eliminate its own negative screen on nuclear power, Parnassus Investments, a leader in sustainable investing, has demonstrated not just that it has done its homework (unlike, say, Green Century Funds), but that it is an organization that adheres to science and facts, rather than ideology and takes its commitments seriously. This takes exceptional courage and confidence in world riven by fearful ideologues and the furious misinformed.
We have been through what we imagine is a similar awakening process to that which the senior leadership team at Parnassus, led by Marian Macindoe, head of ESG stewardship at Parnassus, and its board of trustees clearly partook. If you are courageous enough to look and listen, the facts and experts all point to the inevitable conclusion that nuclear power, despite all of the controversy around it, is much better than we've been led to believe and it provides a key tool in the clean energy toolbox that doesn't otherwise exist: firm clean power. Only that can compete with the firm dirty power to which we are addicted.
It is a thing of beauty, so we reproduce the entire statement issued by Parnassus itself below:
San Francisco, CA May 1, 2023
In support of the transition to a low-carbon economy, Parnassus Investments, a pioneer in responsible investing, is removing its long-held exclusion on companies that make more than 10% of their revenue from nuclear power generation and/or related activities. This change was approved by the Funds’ board of trustees and will be reflected in the Prospectus dated May 1, 2023.
Parnassus initially established the nuclear power screen in 1984 because of the safety and cost issues involved with building and running nuclear plants. Today, we believe nuclear energy offers a critical source of fuel, with benefits that include low to no emissions, safety and stability. Tighter regulations governing nuclear plants have also led to improved designs and equipment as well as training and emergency response requirements. We are also pleased with the potential that the new generation of nuclear technology offers for higher safety and lower costs.
“We believe this is the right thing to do at this time because nuclear energy will be an essential source of fuel in the transition to the renewable sources required to support a low-carbon economy, and because we view nuclear power generation, in a highly regulated environment, as a reasonable choice,” said Marian Macindoe, head of ESG stewardship at Parnassus.
The change will have no immediate impact on Parnassus Funds, but it will enable nuclear power companies to be part of the universe of securities considered for investment. Any potential investment in a company with revenue exposure to nuclear power generation would not only be subject to extensive risk review but would also require deep examination of its traditional investment characteristics.
Parnassus research analysts will evaluate companies involved in nuclear generation and engineering for robust governance, oversight and safety processes, including risk assessments and preparedness for climate, geologic and geopolitical events; a commitment to science-based emissions-reduction targets; and strong policies for nuclear-waste storage and disposal.
In addition to acting in support of a low-carbon economy, Parnassus is removing the nuclear screen in response to investor preferences shifting from exclusionary screens and toward investments in companies with positive social and environmental attributes. The changes also reflect the firm’s Climate Action Plan, adopted in December 2022, to establish a goal of net-zero emissions in all our funds by 2050, in alignment with the Paris Agreement.
Shareholders in Parnassus Funds can obtain more information by calling (800) 999-3505 or emailing shareholder@parnassus.com.
Click here to go to Parnassus Investments own press announcement: Parnassus Investments Removes Investment Screen for Nuclear Power in Support of Our Transition to Low-Carbon Economy, published May 1, 2023.
Published by Nucleation Capital in Carbon emissions, Climate change, Climate mayhem, Climate policy, Government support, LINKS, Private companies, Solving climate
Belarus and the UAE both started producing nuclear energy for their citizens for the first time in 2021. Belarus' Ostrovets station saw its first reactor enter service, with a second commencing its start up, while the UAE's 4-unit Barakah plant put one reactor into service, with a second not far behind in the process. As such, these two countries become the newest members of the global nuclear family.
Milt Caplan, the chair of the World Nuclear Association Economics Working Group, the president of MZConsulting and a 40-year veteran of the nuclear industry, wrote "Welcome nuclear newcomer countries to the nuclear family," to honor this occasion and remind us of how important nuclear power is for those countries that do not have readily available hydro to provide the foundation for a 100% clean energy grid.
Of the thirty countries which have achieved 50% clean energy or better, nuclear power plays a role in sixteen. Of those nuclear energy produced a majority of the clean power for 9 of 16, including France, where it provides 70% of the country's energy, Finland, Slovakia, Belgium, Ukraine, Hungary and Bulgaria. Hydro provided the majority of clean energy in 12 of the 30 countries. In contrast, wind provides the majority of clean energy in only three countries, Denmark, Lithuania and Portugal. Solar had none.
There are many countries, especially northern countries, which just do not get good solar radiation. Similarly, many countries are not blessed the abundant hydropower resources of Iceland, Norway, Ecuador or Venezuela. Some, like Germany, get only 7 or 8% of their energy from solar and 3 or 4% from hydro. Yet, with another 46% of its energy coming from fossil sources, Germany is attacking its own clean nuclear power and has shuttered most of its nuclear, leaving just 15% nuclear. Not only are such ideologically-based actions laying waste to critical climate assets and squandering money invested over decades to clean their air and electricity, such actions are own-goals powered by inaccurate risk assessments that simply expand demand for far more lethal, and carbon-emitting fossil fuels.
Fortunately, the world is moving in the other direction. There are currently 32 countries that have deployed nuclear energy, counting Belarus and the UAE. According to Caplan's report, there are now about 30 other countries looking into using nuclear power for the first time, with three, Bangladesh, Egypt and Turkey, already at work constructing their new plants. These countries decisions and considerations for adopting nuclear, especially the 21st century advanced reactors that will become available later this decade, will ultimately have a big impact on whether or not these countries will succeed in both expanding access to energy, as all invariably need to do, while still reducing their carbon emissions to meet the world's decarbonization goals within the coming years and decades.
Read MZConsulting's post's Welcome nuclear newcomer countries to the nuclear family, by Milton Caplan and published September 30, 2021.
Published by Nucleation Capital in Climate change, Energy abundance, Government support, International support for nuclear, LINKS, Nuclear financing
Drs. Pushker Kharecha and James Hansen published Prevented Mortality and Greenhouse Gas Emissions from Historical and Projected Nuclear Power in the journal Environmental Science and Technology with the striking figure of 1.8 million as the number of lives saved by replacing fossil fuel sources with nuclear. They also estimate the saving of up to 7 million lives in the next four decades, along with substantial reductions in carbon emissions, were nuclear power to replace fossil fuel usage on a large scale.
In addition the study finds that the proposed expansion of natural gas would not be as effective in saving lives and preventing carbon emissions. In general the paper provides optimistic reasons for the responsible and widespread use of nuclear technologies in the near future. It also drives home the point that nuclear energy has prevented many more deaths than what it has caused.
References:
ACS Publications"Prevented Mortality and Greenhouse Gas Emissions from Historical and Projected Nuclear Power," by Pushker A. Kharech and James E. Hansen, on March 15, 2013, Environ. Sci. Technol. 2013, 47, 9, 4889–4895.
Scientific American, "Nuclear power may have saved 1.8 million lives otherwise lost to fossil fuels, may save up to 7 million more." by by Ashutosh Jogalekar on April 2, 2013.
Published by Nucleation Capital in Brilliant thinkers, Climate change, Climate policy, Extreme weather, Fossil fuel mortality, Fossil fuels, LINKS, Nuclear competitiveness, Scientific debate, Zero emission energy
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