Australia should go nuclear if it is serious about carbon reduction

Robert Gottliebsen in Business Spectator:

21st century nuclear plant

While much of the rest of the world embraces nuclear technology as part of a mix of measures to reduce carbon emissions, Australia stands virtually alone among the majors in turning its back on the nuclear options while at the same time supplying most of the other nations with uranium.

But I don’t think Penny Wong will need to be reminded by the Chinese of Australia’s odd position because, as I will explain below, there is a dramatic community change taking place.

I am indebted to The Australians contributing editor Peter Van Onselen for explaining what actually happened at the Bali carbon conference and reminding me that 19 of the G20 countries have nuclear power in their energy mix or are planning the construction of reactors. There is only one G20 country that turns its back on the nuclear option – Australia.

I have been saying this for more than 18 months now that if Australia is serious about carbon than nuclear is the way to go. With Australian’s only ready to pay about $10 a month more on energy and no other base load solution comes near nuclear right now this is the way to go.

I think the Australian public will change their mind in the next couple of years.

Bank of America prices Carbon

In a significant new development, Bank of America has decided to come open with its cost of carbon for evaluating coal powered plants.

Bank of America says it has decided to start factoring a cost of carbon-dioxide emissions into its decisions about whether to underwrite debt for new coal-fired plants. Specifically, the bank says it anticipates a federal cap that would require a utility to pay between $20 and $40 for every ton of CO2 its power plants emit. Today in Europe, which already has imposed caps, a permit to emit a ton of CO2 is trading at about $29.