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Although prioritising nuclear would be a major mistake, it may have potential in a support role, as insurance against the long-run risks of a fully renewable system, writes Richard Bolt, a Principal at Nous Group.
Decades ago, the nuclear disarmament movement successfully pushed for deep cuts in the nuclear arsenals of the United States and Soviet Union. It also opposed nuclear energy, arguing it was prone to catastrophic accidents, radioactive waste leaks and the diversion of fuel by rogue nations and terrorists into makeshift bombs. I was part of that movement.
As the US-Soviet Cold War ended in the late 1980s, the threat of nuclear war began to recede while climate change concerns grew. Nuclear energy was banned here in 1998 in a political deal. Our coal fleet was younger and net zero wasn’t a target, so it was an energy source we didn’t seem to need.
Nuclear risks have not gone away. The accident that disabled Japan’s Fukushima reactor catalysed the closure of much of its nuclear fleet. Permanent nuclear waste disposal has not commenced. Iran wants a nuclear arsenal and North Korea has one.
However, many countries have used nuclear energy safely for decades, and it now has much more value: as a baseload, zero-carbon, large-scale source of electricity. Many countries with large populations and limited energy resources see nuclear as an important, if partial, contributor to their decarbonisation plans.
Australia, by contrast, has a small population, large renewable resources and no real experience with nuclear power. Although the case for a ban has lost force, the case for making nuclear a high priority lacks force too, for several reasons.
So we must push on with renewables, which will create another challenge. The output of large-scale nuclear plants is inflexible, thus hard to integrate into a grid that carries large volumes of variable wind and solar energy. Integration will incur costs of additional transmission and storage, and more curtailment of wind and solar.
It is true that renewables are proving hard to deploy as quickly and cheaply as net zero requires. Supply chains are tight, equipment costs have risen, and the support of regional communities can be hard to win. But these are not reasons to wave a white flag. Renewables with firming are the best alternative to baseload coal for at least two decades, and we are learning how to engage communities as partners and beneficiaries.
Although prioritising nuclear would be a major mistake, it may have potential in a support role, as insurance against the long-run risks of a fully renewable system.
Despite the growth of renewable energy, the road to net zero is a long one. Most of the task of replacing coal still lies ahead, and we have not made significant inroads into oil and gas use. We will have to supply the extra demand of a much larger population in 2050. Even with energy efficiency gains, a very large rise in power demand must be met.
Also, we have not yet worked out how to keep a mostly renewable grid secure in real time, nor how to store and shift renewable energy across seasons and years.
These challenges need to be tackled well before nuclear could help, but success is not guaranteed. And future communities may be grateful for the option to use nuclear to reduce the extensive changes in land use that renewables require.
We should not make nuclear the main game, but it would be wise to work out whether and how it might contribute in the longer term.
Every great innovation starts with a market vision. Without it, even the most brilliant invention won’t become innovation. Market vision is about seeing the world differently, so you can take advantage of a market shift before it happens. The transition to net-zero emissions by 2050 is the biggest market shift of our lives. Exactly where we play in that massive shift is the hard part, writes Fortescue Non-Executive Director Larry Marshall.
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