TechDigits

Tech news
Tuesday, May 28, 2024

UK forms nuclear alliance designed to edge Russia out of international market

UK forms nuclear alliance designed to edge Russia out of international market

The UK was among five G7 members to join the alliance to share nuclear power fuel supply chains. Fellow member Germany has just completed its ditching of nuclear fuel. The G7 climate and energy ministers were criticised for leaving the door open to further fossil fuel financing.
Five of the world's largest economies are hoping to undermine Russia's grip on nuclear power supplies by shutting it out of a new alliance.

The alliance, formed by the UK, US, Canada, Japan and France during the G7 meeting over the weekend, will develop shared supply chains for nuclear fuel.

The five G7 members aim to push Russia out of the international nuclear energy market and cut off funding for its invasion of Ukraine, the UK's Department for Energy Security and Net Zero said.

Energy Security Secretary Grant Shapps called the announcement the "next vital step" in efforts to defeat Vladimir Putin and ensure no one "can ever think they can hold the world to ransom over their energy again".

The agreement will also strengthen the UK's nuclear energy sector, helping it on the path to energy independence and reducing electricity bills, his department said.

The fuel is used to operate nuclear power stations which provide around 15% of the UK's electricity supply, with an aim for it to reach 25% by 2050.

Meanwhile fellow G7 member Germany last week closed the last of its remaining nuclear reactors, completing a plan driven by the Fukushima nuclear disaster in Japan in 2011.

Ministers from the Group of Seven rich nations were finishing two days of meetings on climate, energy and environmental policy on Sunday.

They set big new targets for solar power and offshore wind capacity, agreeing to speed up renewable energy development and move towards a quicker phase-out of fossil fuels.

"We stress that fossil fuel subsidies are inconsistent with the goals of the Paris Agreement," a statement read.

And they underlined a commitment to "accelerate the phase-out of unabated fossil fuels so as to achieve net zero in energy systems by 2050 at the latest".

They were accused of falsely claiming they had ended fossil fuel finance, while actually leaving the door open for gas investments.

The G7 climate and energy ministers said: "Investment in the gas sector can be appropriate to help address potential market shortfalls provoked by the crisis, subject to clearly defined national circumstances, and if implemented in a manner consistent with our climate objectives and without creating lock-in effects."

Louise Burrows, from thinktank E3G, called it "concerning to see the G7 claim they have ended international fossil fuel finance, when multiple fossil fuel projects are still being actively pursued by over half the group, and Japan and Germany are yet to adopt new fossil finance policies.

"To be taken seriously, the G7 must follow the UK's lead and implement this commitment with integrity," she said.

The world's leading energy agency, the International Energy Agency's (IEA) says no new gas fields or liquefied natural gas (LNG) infrastructure is compatible with the global goal to limit warming to 1.5°C above pre-industrial levels.

They also stopped short of a target to make the power sector "fully fossil free" by 2035, instead "[reaffirming] our
commitment to achieving a fully or predominantly decarbonized power sector by 2035".

Hiroki Osada, campaigner at Friends of the Earth Japan, said: "Nothing can justify new investment in fossil fuels, and no exceptions can be allowed.

"Japan should immediately end international financial support to fossil fuels in line with its G7 commitment, and should also commit to a complete phase-out from coal by 2030."
Newsletter

Related Articles

TechDigits
0:00
0:00
Close
FTX's Bankman-Fried headed for jail after judge revokes bail
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Musk announces Twitter name and logo change to X.com
The future of sports
TikTok Takes On Spotify And Apple, Launches Own Music Service
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
UK Crypto and Stablecoin Regulations Become Law as Royal Assent is Granted
A Delaware city wants to let businesses vote in its elections
Alef Aeronautics Achieves Historic Milestone with Flight Certification for World's First Flying Car
Google Blocked Access to Canadian News in Response to New Legislation
French Politicians Advocate for Pan-European Regulation on Social Media Influencers
Melinda French Gates Advocates for Increased Female Representation in AI to Prevent Bias
Snapchat+ gains 4 million paying subscribers in its first year
Apple Makes History as the First Public Company Valued at $3 Trillion
Elon Musk Implements Twitter Limits to Tackle Data Scraping, but Faces Criticism for Technical Misunderstanding
EU and UK's Slow Electric Vehicle Adoption Raises Questions About the Transition to Green Mobility
Top Companies Express Concerns Over Europe's Proposed AI Law, Citing Competitiveness and Investment Risks
Meta Unveils Insights on AI Usage in Facebook and Instagram, Amid Growing Calls for Transparency
Crypto Scams Against Seniors Soar by 78% in 2022, Experts Urge Vigilance
The End of an Era: National Geographic Dismisses Last of Its Staff Writers
Shield Your Wallet: The Perils of Wireless Credit Card Theft
Harvard Scientist Who Studies Honesty Accused Of Data Fraud, Put On Leave
Putting an End to the Subscription Snare: The Battle Against Unwitting Commitments
The Legal Perils of AI: Lawyer Faces Sanctions for Relying on Fictional Cases Generated by Chatbot
ChatGPT’s "Grandma Exploit": Ingenious Hack Exposes Loophole in AI, Generates Free Software Codes
The Disney Downturn: A Near Billion-Dollar Box Office Blow for the House of Mouse
A Digital Showdown: Canada Challenges Tech Giants with The Online News Act, Meta Strikes Back
Distress in the Depths: Submersible and Passengers Missing in Titanic Wreckage Expedition
Mark Zuckerberg stealing another idea: Twitter
European Union's AI Regulations Risk Self-Sabotage, Cautions smart and brave Venture Capitalist Joe Lonsdale
Nvidia GPUs are so hard to get that rich venture capitalists are buying them for the startups they invest in
Chinese car exports surge
Reddit Blackout: Thousands of Communities Protest "Ludicrous" Pricing Changes
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
AI ‘extinction’ should be same priority as nuclear war – experts
×