By Paul Brown
Any lingering hope that a worldwide nuclear power renaissance would contribute to combating climate change appears to have been dashed by U.S. company Westinghouse, the largest provider of nuclear technology in the world, filing for bankruptcy, and the severe financial difficulties of its Japanese parent company, Toshiba.
After months of waiting, Toshiba still could not get its auditors to agree to its accounts this week. But it went ahead anyway and reported losses of nearly $5 billion for the eight months from April to December, in order to avoid being delisted from the Japanese stock exchange.
The company admitted it too could face bankruptcy, and is attempting to raise capital by selling viable parts of its business.
In a statement, it said: "There are material events and conditions that raise substantial doubt about the company's ability to continue as a going concern."
The knock-on effects of the financial disasters the two companies face will be felt across the nuclear world, but nowhere more than in the UK, which was hoping Westinghouse was about to start building three of its largest nuclear reactors, the AP 1000, at Moorside in Cumbria, northwest England.
The UK's Conservative government will be particularly embarrassed because, in late February, it won a critical parliamentary by-election in the seat that would be home to the Moorside plant, on the guarantee that the three reactors would be built—a pledge that now seems impossible to keep.
"I think the day of the large-scale nuclear power station is over," said Martin Forwood, campaign co-ordinator for Cumbrians Opposed to a Radioactive Environment. "There is no one left to invest anymore because renewables are just cheaper, and these prices are still going down while nuclear is always up."
Toshiba and Westinghouse are in deep trouble because the reactors they are currently building—the same design as the ones planned for Cumbria—are years late and billions of dollars over budget. Even if the companies can be refinanced, it seems extremely unlikely they would risk taking on new reactor projects.
Both the UK and Toshiba have looked to the South Korean nuclear giant KEPCO to take over the Moorside project, but the company is unlikely to want to build the Westinghouse design and would want to put forward its own reactor, the APR 1400.
This would delay the project for years, since the whole safety case for a new type of reactor would have to be examined from scratch.
But the company is already under pressure from within South Korea, where Members of Parliament have urged KEPCO not to take on a risky project in the UK. Twenty-eight members of the Republic of Korea's "Caucus on Post-Nuclear Energy" have called on KEPCO not to invest in Moorside.
The other nuclear giant present in Britain, the French-owned Électricité de France (EDF), is in serious difficulties of its own. It is already deep in debt and its flagship project to build a prototype 1,600 megawatt reactor at Flamanville in northern France is six years behind schedule and three times over budget at €10.5 billion.
Originally due to open in 2012, its start date is now officially the end of 2018, but even that is in doubt because an investigation into poor quality steel in the reactor's pressure vessel is yet to be completed.
Despite this, the company and the UK government are committed to building two more of these giant reactors in Somerset in southwest England, and have started pouring concrete for the bases to put them on. These reactors are due to be completed in 2025, but nobody outside the company and the UK government believes this is likely.
So, with troubles of its own, EDF is in no position to help Toshiba out of its financial difficulties. In the nuclear world, this leaves only the Chinese and the Russians who might be capable of taking on such a project.
The Russians will be ruled out on political grounds, and the Chinese are already helping out EDF with a large financial stake in the Somerset project. They also want to build a nuclear station of their own design at Bradwell in Essex, southeast England—another project that looks likely to take more than a decade to complete.
Vast Capital Costs
The problem for all these projects, apart from the vast capital cost and the timescales involved, is that the energy industry is changing dramatically. Solar and wind power are now a cheaper form of producing electricity across the world, and are less capital-intensive and quicker to build.
Despite the fact that there are more than 430 nuclear reactors in operation worldwide and the industry still has great economic and political clout, it is beginning to look like a dinosaur—too big and cumbersome to adapt to new conditions.
Nuclear power now produces about 10 percent of the world's electricity, while 40 percent is from coal and 23 percent from renewables. The rest is mainly from natural gas.
"Nuclear lobbyists are abandoning the tiresome rhetoric about a nuclear power renaissance," said Jim Green, national nuclear campaigner with Friends of the Earth Australia. "They are now acknowledging that the industry is in crisis."
"The crisis-ridden U.S., French and Japanese nuclear industries account for half of worldwide nuclear power generation," he continued. "Renewable energy generation doubled over the past decade, and strong growth, driven by sharp cost decreases, will continue for the foreseeable future."
Reposted with permission from our media associate Climate News Network.
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Wisdom the mōlī, or Laysan albatross, is the oldest wild bird known to science at the age of at least 70. She is also, as of February 1, a new mother.
<div id="dadb2" class="rm-shortcode" data-rm-shortcode-id="aa2ad8cb566c9b4b6d2df2693669f6f9"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1357796504740761602" data-partner="rebelmouse"><div style="margin:1em 0">🚨Cute baby alert! Wisdom's chick has hatched!!! 🐣😍 Wisdom, a mōlī (Laysan albatross) and world’s oldest known, ban… https://t.co/Nco050ztBA</div> — USFWS Pacific Region (@USFWS Pacific Region)<a href="https://twitter.com/USFWSPacific/statuses/1357796504740761602">1612558888.0</a></blockquote></div>
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Winter is supposed to be the best season for wind power – the winds are stronger, and since air density increases as the temperature drops, more force is pushing on the blades. But winter also comes with a problem: freezing weather.
Comparing rime ice and glaze ice shows how each changes the texture of the blade. Gao, Liu and Hu, 2021, CC BY-ND
Ice buildup changes air flow around the turbine blade, which can slow it down. The top photos show ice forming after 10 minutes at different temperatures in the Wind Research Tunnel. The lower measurements show airflow separation as ice accumulates. Icing Research Tunnel of Iowa State University, CC BY-ND
While traditional investment in the ocean technology sector has been tentative, growth in Israeli maritime innovations has been exponential in the last few years, and environmental concern has come to the forefront.
theDOCK aims to innovate the Israeli maritime sector. Pexels<p>The UN hopes that new investments in ocean science and technology will help turn the tide for the oceans. As such, this year kicked off the <a href="https://www.oceandecade.org/" target="_blank" rel="noopener noreferrer">United Nations Decade of Ocean Science for Sustainable Development (2021-2030)</a> to galvanize massive support for the blue economy.</p><p>According to the World Bank, the blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem," <a href="https://www.sciencedirect.com/science/article/pii/S0160412019338255#b0245" target="_blank" rel="noopener noreferrer">Science Direct</a> reported. It represents this new sector for investments and innovations that work in tandem with the oceans rather than in exploitation of them.</p><p>As recently as Aug. 2020, <a href="https://www.reutersevents.com/sustainability/esg-investors-slow-make-waves-25tn-ocean-economy" target="_blank" rel="noopener noreferrer">Reuters</a> noted that ESG Investors, those looking to invest in opportunities that have a positive impact in environmental, social and governance (ESG) issues, have been interested in "blue finance" but slow to invest.</p><p>"It is a hugely under-invested economic opportunity that is crucial to the way we have to address living on one planet," Simon Dent, director of blue investments at Mirova Natural Capital, told Reuters.</p><p>Even with slow investment, the blue economy is still expected to expand at twice the rate of the mainstream economy by 2030, Reuters reported. It already contributes $2.5tn a year in economic output, the report noted.</p><p>Current, upward <a href="https://www.ecowatch.com/-innovation-blue-economy-2646147405.html" target="_self">shifts in blue economy investments are being driven by innovation</a>, a trend the UN hopes will continue globally for the benefit of all oceans and people.</p><p>In Israel, this push has successfully translated into investment in and innovation of global ports, shipping, logistics and offshore sectors. The "Startup Nation," as Israel is often called, has seen its maritime tech ecosystem grow "significantly" in recent years and expects that growth to "accelerate dramatically," <a href="https://itrade.gov.il/belgium-english/how-israel-is-becoming-a-port-of-call-for-maritime-innovation/" target="_blank" rel="noopener noreferrer">iTrade</a> reported.</p><p>Driving this wave of momentum has been rising Israeli venture capital hub <a href="https://www.thedockinnovation.com/" target="_blank" rel="noopener noreferrer">theDOCK</a>. Founded by Israeli Navy veterans in 2017, theDOCK works with early-stage companies in the maritime space to bring their solutions to market. The hub's pioneering efforts ignited Israel's maritime technology sector, and now, with their new fund, theDOCK is motivating these high-tech solutions to also address ESG criteria.</p><p>"While ESG has always been on theDOCK's agenda, this theme has become even more of a priority," Nir Gartzman, theDOCK's managing partner, told EcoWatch. "80 percent of the startups in our portfolio (for theDOCK's Navigator II fund) will have a primary or secondary contribution to environmental, social and governance (ESG) criteria."</p><p>In a company presentation, theDOCK called contribution to the ESG agenda a "hot discussion topic" for traditional players in the space and their boards, many of whom are looking to adopt new technologies with a positive impact on the planet. The focus is on reducing carbon emissions and protecting the environment, the presentation outlines. As such, theDOCK also explicitly screens candidate investments by ESG criteria as well.</p><p>Within the maritime space, environmental innovations could include measures like increased fuel and energy efficiency, better monitoring of potential pollution sources, improved waste and air emissions management and processing of marine debris/trash into reusable materials, theDOCK's presentation noted.</p>
theDOCK team includes (left to right) Michal Hendel-Sufa, Head of Alliances, Noa Schuman, CMO, Nir Gartzman, Co-Founder & Managing Partner, and Hannan Carmeli, Co-Founder & Managing Partner. Dudu Koren<p>theDOCK's own portfolio includes companies like Orca AI, which uses an intelligent collision avoidance system to reduce the probability of oil or fuel spills, AiDock, which eliminates the use of paper by automating the customs clearance process, and DockTech, which uses depth "crowdsourcing" data to map riverbeds in real-time and optimize cargo loading, thereby reducing trips and fuel usage while also avoiding groundings.</p><p>"Oceans are a big opportunity primarily because they are just that – big!" theDOCK's Chief Marketing Officer Noa Schuman summarized. "As such, the magnitude of their criticality to the global ecosystem, the magnitude of pollution risk and the steps needed to overcome those challenges – are all huge."</p><p>There is hope that this wave of interest and investment in environmentally-positive maritime technologies will accelerate the blue economy and ESG investing even further, in Israel and beyond.</p>
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