☢ Nuclear Energy: The Solution to Climate Change?
Greenflation is a demon standing in our way to solving climate change. But nuclear energy can kill this demon. How?
Since the electric bulb was first invented in 1879, we have all come to steadily rely on electricity.
It truly does rule our lives. But what if electricity got so expensive that it was inaccessible to many? Or we could use only a limited amount? What would we do?
No, this is not a hypothetical situation. This is happening right now. And the reason is greenflation.
What is Greenflation?
Countries across the world are trying to reduce carbon emissions to stop climate change.
To make sure they follow through with their promise of going green, they are reducing the supply of crude oil and coal. Many are also making it more expensive for companies to pollute by adding carbon taxes.
Sounds good, no? Except...
This plan has a major flaw: the alternative sources of energy that countries want to promote are not fully developed yet. Massive investments and a lot of time is still needed to make renewable energy sources mainstream.
Also, unlike coal and natural gas, renewable energy cannot be easily stored. So, if the wind or water output is low, countries will have no option but to rely on coal or natural gas.
So, at certain times, especially in the winter, when wind turbines are frozen or the sun isn't shining, the demand for coal and crude oil will rise.
But their supply has been limited. So, prices will rise, duh!
This is greenflation and it has led to a massive rise in the price of coal, natural gas and crude oil (Here are some other reasons that are also contributing to this rise in prices).
Coal prices have more than doubled this year and oil prices in the US crossed $90/barrel for the first time since 2014!
And it's not just these commodities that are victims of greenflation.
The price of lithium, nickel, cobalt and copper (which are needed to make electric cars and other green equipment) are near record-highs as countries across the world are trying to get their hands on them.
Greenflation has led to several power cuts and blackouts across the world, leaving many questioning if cutting supplies of oil and coal was the right choice.
It has also prompted oil and coal suppliers to gloat in glee and brag that they are our only options. They claim that renewable energy will never become 100% reliable so we will always need coal and oil.
So, will we truly never get rid of these demons that are destroying our planet?
Well, we still have one secret weapon and it is as powerful and dangerous as the Brahmastra (a powerful supernatural weapon from Hindu mythology).
Nuclear energy.
The Case for Nuclear Energy
Nuclear energy is generally associated with "disaster" and "destruction". After all, it can be massively destructive if things go wrong.
But it is also one of the most efficient and cost-effective ways of getting clean energy.
And, where there's a way, there's China, our Sharma Ji ka beta. It is on its way to make nuclear energy one of its biggest electricity sources.
China's Nuclear Play
China is currently the third-largest producer of nuclear electricity, behind only the US and France.
China does not like taking the back seat. It has full fledged plans to become the largest nuclear energy producer soon.
It currently has over 49 nuclear reactors, with 17 under construction.
And it plans to build 150 more nuclear reactors in 15 years, an effort that will cost around $440 billion!
In all, it aims to produce 200 GW of electricity from nuclear power by 2035. This is enough to power several large cities.
This will prevent 1.5 billion tonnes of annual carbon emissions from being released into the environment.
And that's not all. China has also built a special nuclear reactor called the "artificial sun". Umm, what?
The artificial sun reactor is capable of achieving temperatures five times hotter than the sun! This reactor is experimental right now but it can potentially provide the country with endless clean energy at very low costs.
If China aces this, it could very well overtake the US as the world's most powerful country!
If nuclear power is so lucrative, why aren't other countries looking into it?
They are. Most countries have admitted that they cannot achieve their clean energy targets without nuclear energy and are rushing to build nuclear reactors.
India currently has 22 nuclear reactors and 6 more are under construction. We hope to get around 22.48 GW of energy from nuclear power by 2031 (as compared to the current 6.78 GW).
The UK and the US currently only have two nuclear reactors under construction.
These numbers are nothing compared to China.
That's because, for most countries, nuclear energy is a much more expensive option than solar energy or wind energy.
But not for China.
Chinese state-owned banks give companies that are building nuclear plants or nuclear reactors loans at very low interest rates (around 1.4%).
Since these companies can build nuclear plants for cheap, they can afford to give electricity at a cheaper rate as well.
The easy and cheap funding has also helped China develop tech to build nuclear reactors safely.
It is now using this patented tech to help other countries like Pakistan and Argentina build nuclear reactors. So, this has also become a revenue stream for China.
So, should India also adopt similar strategies to build more nuclear power plants?
Yes, especially because this could be more cost-effective for us in the long run.
You see, we don't really have vast reserves of lithium, cobalt and nickel. So, we have no option but to rely on imports for these precious metals.
But we do have one of the largest reserves of Thorium, which can be used to produce energy in nuclear reactors.
So, by adopting nuclear energy, we could truly become atmanirbhar!
Do you think it is time for India to focus on nuclear energy?
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