Nuclear Power Can Save the World

Expanding the technology is the fastest way to slash greenhouse gas emissions and decarbonize the economy.

By Joshua S. Goldstein, Staffan A. Qvist and Steven Pinker

Drs. Goldstein and Qvist are the authors of “A Bright Future: How Some Countries Have Solved Climate Change and the Rest Can Follow.” Dr. Pinker is a psychology professor at Harvard.

As young people rightly demand real solutions to climate change, the question is not what to do — eliminate fossil fuels by 2050 — but how. Beyond decarbonizing today’s electric grid, we must use clean electricity to replace fossil fuels in transportation, industry and heating. We must provide for the fast-growing energy needs of poorer countries and extend the grid to a billion people who now lack electricity. And still more electricity will be needed to remove excess carbon dioxide from the atmosphere by midcentury.

Where will this gargantuan amount of carbon-free energy come from? The popular answer is renewables alone, but this is a fantasy. Wind and solar power are becoming cheaper, but they are not available around the clock, rain or shine, and batteries that could power entire cities for days or weeks show no sign of materializing any time soon. Today, renewables work only with fossil-fuel backup.

Germany, which went all-in for renewables, has seen little reduction in carbon emissions, and, according to our calculations, at Germany’s rate of adding clean energy relative to gross domestic product, it would take the world more than a century to decarbonize, even if the country wasn’t also retiring nuclear plants early. A few lucky countries with abundant hydroelectricity, like Norway and New Zealand, have decarbonized their electric grids, but their success cannot be scaled up elsewhere: The world’s best hydro sites are already dammed.

Small wonder that a growing response to these intimidating facts is, “We’re cooked.”

But we actually have proven models for rapid decarbonization with economic and energy growth: France and Sweden. They decarbonized their grids decades ago and now emit less than a tenth of the world average of carbon dioxide per kilowatt-hour. They remain among the world’s most pleasant places to live and enjoy much cheaper electricity than Germany to boot.

They did this with nuclear power. And they did it fast, taking advantage of nuclear power’s intense concentration of energy per pound of fuel. France replaced almost all of its fossil-fueled electricity with nuclear power nationwide in just 15 years; Sweden, in about 20 years. In fact, most of the fastest additions of clean electricity historically are countries rolling out nuclear power.

This is a realistic solution to humanity’s greatest problem. Plants built 30 years ago in America, as in France, produce cheap, clean electricity, and nuclear power is the cheapest source in South Korea. The 98 U.S. reactors today provide nearly 20 percent of the nation’s electricity generation. So why don’t the United States and other countries expand their nuclear capacity? The reasons are economics and fear.

New nuclear power plants are hugely expensive to build in the United States today. This is why so few are being built. But they don’t need to be so costly. The key to recovering our lost ability to build affordable nuclear plants is standardization and repetition. The first product off any assembly line is expensive — it cost more than $150 million to develop the first iPhone — but costs plunge as they are built in quantity and production kinks are worked out.

Yet as a former chairman of the Nuclear Regulatory Commission put it, while France has two types of reactors and hundreds of types of cheese, in the United States it’s the other way around. In recent decades, the United States and some European countries have created ever more complicated reactors, with ever more safety features in response to public fears. New, one-of-a-kind designs, shifting regulations, supply-chain and construction snafus and a lost generation of experts (during the decades when new construction stopped) have driven costs to absurd heights.

These economic problems are solvable. China and South Korea can build reactors at one-sixth the current cost in the United States. With the political will, China could replace coal without sacrificing economic growth, reducing world carbon emissions by more than 10 percent. In the longer term, dozens of American start-ups are developing “fourth generation” reactors that can be mass-produced, potentially generating electricity at lower cost than fossil fuels. If American activists, politicians and regulators allow it, these reactors could be exported to the world in the 2030s and ’40s, slaking poorer countries’ growing thirst for energy while creating well-paying American jobs. Currently, fourth-generation nuclear power receives rare bipartisan agreement in Congress, making it a particularly appealing American policy to address climate change. Congress recently passed the Nuclear Energy Innovation and Modernization Act by big margins. Both parties love innovation, entrepreneurship, exports and jobs.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

Part of the Stock Digest family of websites

Small Cap Stock Digest



Name Last Change
DOW 26559.50 0.40%
S&P 500 2905.03 0.16%
NASDAQ 7998.06 0.02%
TSX 16612.81 0.41%
TSX-V 609.21 0.00%

Resource Commodities

Name Last Change
Gold 1274.26 0.00
Silver 14.91 0.67%
Copper 2.93 2.927
Platinum 901.00 0.67%
Oil 64.00 0.38%
Natural Gas 2.49 1.08%
Uranium 25.88 0.12%
Zinc 1.27 0