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So I'm sure you all remember these tragic images that took place more than a decade ago.
The accident at the Fukushima Daiichi nuclear power plant that occurred in the aftermath of
the Great Tohoku earthquake, a magnitude 9 seismic movement, brought back the worst
memories of the devastating Chernobyl accident. In the end, fortunately, the severity of this
accident was nowhere near the same scale as that of the Pripyat plant. However,
it nevertheless provoked a huge anti-nuclear campaign all over the world.
And then the race of many countries to get rid of this type of energy was faster than
Usain Bolt running 100 meters. However, more than a decade has
passed and now we are faced with a huge energy crisis all over the world.
In the case of Japan, after the Fukushima accident, the country's 50 nuclear reactors
were shut down. Since then, 21 were decommissioned and only 10 are still
active. The rest are still at a standstill, waiting for their future to be determined.
Renewable energies, but also coal and, above all,
liquefied natural gas have replaced the energy produced by Japan's huge nuclear power plant.
In this graph, you can see, for example, how the energy mix of the Japanese country has changed
since the fateful accident of 2011. As you can see, the nuclear moratorium
meant that the consumption of coal and natural gas to produce electricity skyrocketed. So if
you are concerned about CO2 emissions, you will most likely be pulling your hair out right now.
The fact is that due to the lack of investment in the sector in recent years and the consequences
of the Russian invasion of Ukraine causing gas prices to skyrocket... So much so that
if you were Japanese you would be pulling your hair out, in this case because of the bill.
Well, this is exactly what explains why now, more than a decade after Fukushima,
we are getting news stories like this: N1(Japan turns back to nuclear power
in post-Fukushima shift – FT) C1("This restart of the Japanese
nuclear power plants would be good in terms of freeing up substantial amount[s] of LNG to the
global market." – Keisuke Sadamori, director of the IEA's office for energy markets and security)
C2("As a result of Russia's invasion of Ukraine, the global energy situation
has drastically changed". – Fumio Kishida, Prime Minister of Japan)
We have talked about this in the weekly bulletin that our Patreon supporters receive.
[Side note: if you like what we do and you want to support this project to keep
growing while receiving benefits like this bulletin, take a look at our Patreon page.
I’ll leave the link in the description. Thanks to all of you who are already part of Patreon].
The fact is that Japan has decided to return to the nuclear industry with open arms.
Now the question is, how is it possible that it is precisely the country where the last major
anti-nuclear global fever originated that is now going to spearhead the resurgence of
this very energy? How exactly does Japan intend to push for a new nuclear age?
More importantly, to what extent does Japan's
decision mark a turning point in the global energy sector?
Well, all this and much more is what we are going to tell you in this video,
but before we go on, let me tell you something that I think will interest you.
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and tightening monetary policy, the stage seems set for a new crisis.
In fact, three-quarters of Fortune 500 CEOs estimate that we will soon
see negative growth rates. And according to Goldman Sachs, the probability of the
United States falling into recession in the next two years is almost 50%.
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And as always, in everything related to investment: use your head. Nothing is risk-free.
It is neither a secret nor a novelty: years ago, the richest countries drew up a plan
to decarbonize themselves. A plan that necessarily involves a specific strategy:
the mass electrification of our way of life. This is the case,
for example, with the electric car craze. As a result, if we have both the expected
economic growth and this massive electrification process, the result is that the projections of
the International Energy Agency indicate that global electricity demand is going to skyrocket.
Specifically, it is expected to increase from 23,000 terawatt hours in 2020 to more than 60,000
by 2050. In other words, everything points to the demand for electricity practically multiplying
by a factor of 3 over the next 28 years. Put another way, in order to meet this enormous
demand we would basically have to multiply all the electricity production infrastructure in
the world: gas, oil, hydroelectric and renewable energy plants by three....
Can you imagine what all this will mean? It is no longer a matter of replacing fossil fuels
with cleaner energies... But of tripling production at the same time. And that,
my dear friends, is a big deal.
To give you an idea, in 2021, electricity production using fossil fuels – that is coal,
gas and oil – accounted for 60% of the global total. For those of you who are concerned
about emissions, it should be noted that this production emitted 13.8 gigatonnes of CO2.
In other words, over the next 28 years we will have to triple the world's electricity production
capacity... And if at the same time we want to reduce emissions, then we have a serious problem.
Why? Well, because renewable energies are unlikely to be able to cover such a high
demand for electricity on their own. Among other factors because we are talking about
sources that are not constant, so they always need a backup source of fossil fuel energy.
So it would not only be a question of flooding the world with solar panels and windmills,
but also with natural gas power plants. We are talking about a gigantic investment
that more and more voices consider completely unfeasible. Even the voices of those who
perhaps you least expect: N2(Finland's Greens Now
Fully behind Nuclear Power. National Review) And another case is precisely that of Japan.
But how far does this gamble go? Did you know that nuclear energy can have other uses in
addition to electricity generation? Could nuclear energy be the key to manufacturing
new fuels capable of replacing gasoline, diesel or kerosene in cars, trucks, ships and
airplanes? Well... Keep watching! T1(NUCLEAR YES, ARIGATO)
As I mentioned, Japan is one of the countries that have announced that
they will resume their commitment to nuclear energy. However, it is not the only one:
N3(Poland amends laws to speed investment in nuclear energy
In September last year, it was announced that six large pressurized water reactors
with a combined installed capacity of 6-9 GWe could be built by 2040 as part of
Poland's plan to reduce its historic heavy reliance on coal. – World Nuclear News)
N4(S.Korea to raise nuclear power to one third of energy supply
The target exceeds the OECD nuclear development committee's guidance – The Korea Economic Daily)
N5(France to build up to 14 new nuclear reactors by 2050, says Macron – The Guardian)
You see, nuclear power is making a strong comeback. China alone expects to invest some
$400 billion over the next 15-20 years to build – hold on to your seat – 150 new nuclear reactors.
So you can see that it's not just about Japan. But what does make Japan a special
case is that it had been one of the most anti-nuclear countries of the last decade.
And at the same time, also one of the most serious about nuclear research,
before Fukushima of course.
Thanks to this situation, one of the major players in the Japanese plan
is now the so-called High Temperature Engineering Test Reactor, the HTTR, which Japan wants to be
the type of reactor that will shape the long-term future of nuclear energy in the country.
We are talking about a small modular reactor, or SMR.
And the truth is that they are very serious. In fact, this reactor,
which is located in Ibaraki Prefecture [Ibraaki], has been undergoing tests for
more than two decades. And now it seems that its time has come .... And take note
because the idea is that its functions are not limited to electricity generation. Take a look.
The main peculiarity of this helium-cooled reactor is that it does not need water,
which means that it can be located practically anywhere on the planet. What’s more,
due to its design, the core cannot go into fusion. So, in theory, it is a revolution.
In addition, and this is very important, it can operate at very high temperatures,
over 900 degrees. And so, between all that amount of heat and the electricity it generates,
it is able to produce large amounts of hydrogen. Yes, yes, you heard correctly, Hydrogen.
Here on VisualPolitik we’ve already talked about this chemical element in a past video,
where we told you that there were three main types of hydrogen: gray, blue and green.
Well, the truth is that there is another one, a fourth type of hydrogen: pink hydrogen. Which is,
precisely, the one produced with nuclear energy. And as we also told you, Japan is one of the
countries that is taking the hydrogen issue most seriously. And as you can now see, their new
civil nuclear program has a lot to do with it. And if we’re talking about hydrogen and Japan,
we are not talking about an idea or a futuristic pipe dream, but a fact. Take a look.
Japan's Strategic Energy Plan, approved in October 2021, states that precisely this
type of high-temperature gas-fired nuclear reactor will be used to produce hydrogen.
In addition, the Green Growth Strategy to achieve carbon neutrality by 2050,
dated June 2021, states that HTTR reactors will be required to produce emission-free hydrogen
in large quantities and at low cost by 2030. Which, in strategic infrastructure terms means
it’s just around the corner. And, keep in mind that this is not something that the
Japanese have simply come up with and that's it. The International Energy Agency itself
considers it a key objective in order to meet decarbonization plans for 2050.
So you see, this new application of producing not only electricity, but also huge amounts
of emission-free hydrogen, could give nuclear energy a new role that it has not
had until now. This means yet another boost for this industry, and not just a small one.
Now, at this point many of you may be wondering... But let's see,
[host], why is hydrogen so important? Basically because more and more experts see it as
a fuel capable of replacing the use of gasoline, diesel or kerosene in industry, heavy transport,
maritime traffic and even aircraft. A potentially clean and unlimited fuel that could even be used
as a "battery" or electrical storage system. And so, according to the International Energy
Agency itself, if in 2020 some 90 million tonnes of hydrogen were produced, by 2050 production is
expected to reach at least 500 million tonnes. The problem is that currently only 10% of hydrogen
production is clean, so if emissions targets are to be met, a lot of cheap, emission-free energy
will be needed to meet an ever-increasing energy demand. And this is where small
modular reactors that could be installed near industrial centers and cities come into play.
Anyway if you want to know more about hydrogen, there’s a link in the description to the video we
previously published here on VisualPolitik: But this is not the end of the story.
In addition to hydrogen, nuclear energy would be useful for producing other synthetic fuels,
and Japan is also investigating how to "channel" the heat produced in these
reactors to be used in district heating systems. In this way, these reactors could
fulfill three objectives: Producing electricity
Producing hydrogen and synthetic fuels And supplying heating systems.
And all this without a single gram of CO2 emitted into the atmosphere. Isn't it incredible? Surely
now you will understand better why so many countries are hopping on to this new trend.
Now, stop. I'm sure, I'm certain many of you have an objection: "Well, [host], all this you
are telling us is all very well, but building a nuclear power plant takes a lot of time and it
is very expensive. It is impossible for all this to be feasible between now and the year 2050."
Well, in a way you are right. Although there are a few nuances.
Listen up! T2 (DIFFERENT REALITIES)
Take a look at this chart. What you are seeing on the screen is the minimum,
average and maximum time it has taken each country with nuclear energy to build its power plants.
As you can see, countries like Argentina and the United States have power plants
that took more than 20 years to be built for various reasons. In any case, it is madness.
However, we can also look at the other part of the graph. At the opposite end.
Japan is the country that builds nuclear power plants the fastest. For some 40 years
its plants have had an average construction time of between 3 and 5 years. Other countries such
as South Korea also manage very reasonable times with an average of about 6 years.
The question is, why are there so many differences in production times?
Well, here we come up against the great dilemmas or difficulties that
this technology has, particularly in the West.
Firstly, the Western nuclear industry, and especially the European one,
is generally in tatters after years of heavy disinvestment.
We’re talking about lack of innovation, but also about problems in the supply chain and suppliers.
Which makes sense, if you don't build plants, don't expect to have suppliers ready to help you.
Then there is also the regulatory issue and the bureaucratic hurdles. Even in
those countries that allow nuclear power, the time to get licenses,
environmental studies, risk analyses or simply to choose a feasible location
is enormous. Over recent decades nuclear power has not been popular and it shows.
Of course, the longer the lead time for selection, design, regularization and
construction... the higher the cost. These are issues to be resolved.
But VisualPolitik viewers, be that as it may, one thing that does seem clear is
that nuclear energy is back. Even Japan has reversed its nuclear moratorium and
now wants to go all in on this technology. China, South Korea, the United Arab Emirates,
the United Kingdom, Finland, Poland and many other countries are heading in the
same direction. And all the signs are that we are just at the start of a new wave.
Nuclear power can provide abundant and cheap electricity, and now also hydrogen
and even heat. And that is saying a lot in this day and age.
But having reached this point, it's your turn: Would you like your countries to invest
more in nuclear energy? What do you think of the idea of having small,
very safe, modular reactors built near cities and major industrial centers?
Leave us your comments below and if you found this video interesting don't forget to like
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Thank you very much for watching. All the best and see you next time.