The Pak Banker

Nuclear energy cannot lead global energy transition

- Masayoshi Iyoda

On March 11, 2011, a magnitude 9 earthquake and a subsequent 15metre tsunami struck Japan, which triggered a nuclear disaster at TEPCO’s Fukushima Daiichi nuclear plant.

Three of the six plant’s reactors were affected, resulting in meltdowns and the release of a significan­t amount of radioactiv­e material into the environmen­t.

Today, 13 years later, Japan is still experienci­ng the impacts of this disaster. Immediatel­y after the earthquake struck, more than 160,000 people were evacuated. Of them, nearly 29,000 still remain displaced.

Disastrous health effects due to exposure to radioactiv­ity are still a serious concern for many, and environmen­tal impacts on land, water, agricultur­e, and fisheries are still visible. The cost of the damage, including victim compensati­on, has been astronomic­al; $7bn has been spent annually since 2011, and work continues.

Last year, Japan’s plan to start releasing more than a million tonnes of treated wastewater into the Pacific Ocean sparked anxiety and anger, including among community members who rely on fishing for their livelihood­s, from Fukushima to Fiji.

Yet, Japan and the rest of the world appear not to have learned much from this devastatin­g experience. On March 21, Belgium hosted the first Nuclear Energy Summit attended by high-level officials from across the globe, including Japanese Vice-Minister for Foreign Affairs Masahiro Komura. The event was meant to promote the developmen­t, expansion and funding of nuclear energy research and projects.

The summit came after more than 20 countries, including Japan, announced plans to triple nuclear energy capacity by 2050 at last year’s UN Climate Change Conference (COP28). All of these developmen­ts go against growing evidence that nuclear energy is not an efficient and safe option for the energy transition ‘‘And the climate crisis is not just about CO2 emissions. It is about a whole range of environmen­tal justice and democracy issues that need to be considered. And nuclear energy does not have a stellar record in this regard.’’ away from fossil fuels.

Despite advancemen­ts in waste-storage technology, no foolproof method for handling nuclear waste has been devised and implemente­d yet. As nuclear power plants continue to create radioactiv­e waste, the potential for leakage, accidents, and diversion to nuclear weapons still presents significan­t environmen­tal, public health, and security risks.

Nuclear power is also the slowest low-carbon energy to deploy, is very costly and has the least impact in the short, medium and long term on decarbonis­ing the energy mix. The latest Intergover­nmental Panel on Climate Change (IPCC) report pointed out that nuclear energy’s potential and cost-effectiven­ess of emission reduction by 2030 was much smaller than that of solar and wind energy.

Large-scale energy technologi­es like nuclear power plants also require billions of dollars upfront, and take a decade to build due to stricter safety regulation­s.

Even the deployment of small modular reactors (SMR) has a high price tag. Late last year, a flagship project by NuScale funded by the US government to the tune of hundreds of millions of dollars had to be abandoned due to rising costs.

In addition to that, according to a report released by Greenpeace in 2023, even in the most favourable scenario and with an equal investment amount, by 2050, the installati­on of a wind and solar power infrastruc­ture would produce three times more cumulative electricit­y and emit four times less cumulative CO2 compared to a water nuclear reactor in the same period.

And the climate crisis is not just about CO2 emissions. It is about a whole range of environmen­tal justice and democracy issues that need to be considered. And nuclear energy does not have a stellar record in this regard.

For instance, uranium mining, the initial step in nuclear energy production, has been linked to habitat destructio­n, soil and water contaminat­ion, and adverse health effects for communitie­s near mining sites. The extraction and processing of uranium require vast amounts of energy, often derived from nonrenewab­le sources, further compromisi­ng the environmen­tal credential­s of nuclear power.

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