It may not yet have dawned on Australia, but the rest of the
world is waking up to the threat of net zero policies. At our
recent editorial meeting in Melbourne, I was shocked to discover
just how far behind Australia is on this awakening.
Almost all media coverage in Europe and the US is already highly
critical of net zero. Even the politicians have woken up.
In Europe, French President Emmanuel Macron has called for a
halt on new green legislation coming out of the EU.
Germany successfully torpedoed the EUs attempt to ban combustion
engine cars.
In the UK, some councils are refusing to cooperate with the
governments demands to impose net zero policies.
Net zero is so unpopular in the UK that politicians are using it
as a punching bag for all sorts of barely related shortcomings. For
example, one minister is blaming her inability to carry out Brexit
reforms on the constraints imposed by the emissions commitment.
Companies worldwide are also turning their backs on net zero at
an increasing pace. Seven insurance companies have quit the
Net-Zero Insurance Alliance a part of the powerful group called the
Glasgow Financial Alliance for Net Zero which pressures financial
industries into adopting net zero policies.
Even the only remaining cheerleaders for net zero journalists
are having second thoughts. The Financial Times covered the
staggering cost of a green hydrogen economy.
Financial markets cottoned on to this shift first. Green energy
stocks plunged in 2022 and clean energy tech companies favourite
bank in California went bust in 2023
Just when an energy crisis was supposed to prove renewable
energys credentials and capabilities, the world concluded the
precise opposite. It turned to coal instead.
While Australia still grapples with the impossible implications
of net zero, the rest of the world is already moving on to
pondering solutions instead. And, as slowly as humanly possible,
theyre reaching the painlessly obvious solution: nuclear power.
In October 2021, the UKs Independent Review of Net Zero report
commissioned by the government concluded that nuclear power is a
no-regrets option for the UK.
In April 2022, the UK government outlined its plans for nuclear
power. These include building eight new reactors plus smaller
modular reactors, set to provide 25% of the UKs electricity demand
by 2050.
In Japan, utility companies are applying for 27 reactor
restarts, with 17 passing safety checks and 10 resuming
operations.
In South Koreas March 2022 presidential elections, a pro-nuclear
candidate defeated an anti-nuclear incumbent who planned to phase
out nuclear power.
The countrys 26 reactors produce about a quarter of its
electricity, but the new president wants to increase this to at
least a third. Plans include extending the life of existing
reactors and building new ones.
Macron committed to building...