Nuclear energy is facing a marked uptick in private investment over the next five years, spurred by the escalating demand for clean energy and energy security. Both governments’ and the private sector's net-zero ambitions are driving significant interest in high-growth energy areas like nuclear energy. Further, according to the International Energy Agency, existing nuclear plants make up a large part of global energy production today - representing nearly 10% of global energy production and nearly 20% in advanced countries. The further growth of nuclear power is becoming critical to the decarbonization of the electricity grid and the growing market for emissions-free energy.

In this episode, host Lincoln Payton brings together a panel from investment giant Brookfield Corporation to explore the transformative role that nuclear energy plays in the pursuit of a net-zero future, particularly in the private sector investment landscape. Joining Lincoln for this episode are Pramod Shukla, Managing Director in Brookfield’s Private Equity Group; Sam Meyers, Senior Vice President at Brookfield Asset Management; and Mike Daschle, SVP of Sustainability for Brookfield Properties. 

The discussion spans the intricate considerations around nuclear power investments, the ability of nuclear power to meet the world’s growing energy demands, and the role of companies like Westinghouse within the broader nuclear industry. A projected and insightful outlook on nuclear energy, Lincoln and the panel acknowledge its significance and the expected evolution of investments and deployments over the next five years.

Key Takeaways:

1. Clean power is on the rise: the world is turning to nuclear energy as a critical tool for decarbonization, as this clean energy source offers a vital solution for achieving net-zero emissions goals.

2. Gigawatt-scale giants lead the way: while smaller modular reactors (SMRs) hold immense potential for future deployments, their development remains in its early stages, meaning that larger, gigawatt-scale plants will likely dominate the energy landscape for the next decade.

3. Public sentiment shifting in favor: public opinion toward nuclear power is undergoing a positive shift with growth in bipartisan support in the USA coupled with the urgency of climate action and the need for clean energy solutions, all of which paint a promising picture for the future of nuclear power.

Resources:

• IAEA's revisions up of projected nuclear buildout by 2050: https://www.iaea.org/newscenter/pressreleases/iaea-annual-projections-rise-again-as-countries-turn-to-nuclear-for-energy-security-and-climate-action

• Energy Monitor on SMRs: https://www.energymonitor.ai/sectors/power/small-modular-reactors-smrs-what-is-taking-so-long/?cf-view

• Bipartisan support in the U.S. is up significantly compared to polling in 2020: https://www.pewresearch.org/short-reads/2023/08/18/growing-share-of-americans-favor-more-nuclear-power/sr_23-08-18_nuclear-energy_1/

Following a riveting conversation with Killian Daly of EnergyTag about hourly matching in carbon accounting, this Energy Minute looks at the work of the Emissions First partnership - a group of companies including Akamai, Meta, General Motors and Salesforce - and its collective focus on carbon matching in clean energy procurement. 

Cleartrace’s Steven Goldman delves into the difference between hourly matching and carbon matching approaches, and what principles the partnership members are applying in their work. He also explores the evolution from traditional electricity purchasing strategies and discusses how aligning with this approach might boost companies' carbon impacts of their energy procurement.

Key Takeaways:

1. The Emissions First partnership seeks to maximize greenhouse gas emission reductions from the electricity system through corporate action. This includes prioritizing decarbonization, valuing grid decarbonization progress, incentivizing innovation in the emissions data ecosystem, and implementing accounting governance.

2. The coalition aims to source energy based on emissionality, focusing on the marginal carbon impact of each procurement rather than matching based on timing or which grid or market the energy is sourced in. Instead, they encourage companies to schedule electric loads around system signals like high marginal greenhouse gas emissions.

3. This approach signifies an evolution from traditional electricity purchasing strategies based on price or annual matching while providing flexibility for energy procurement teams to source for the greatest - while still feasible - marginal carbon impact.

Resources:

• Emissions First Partnership: https://www.emissionsfirst.com/

Decarbonization has diversified from simply vanilla to 31 flavors, where a range of goals and strategies are being adopted as companies work to reduce carbon emissions and other environmental impacts. One key strategy that’s emerged has been time-matched procurement of electricity, ensuring that the electricity that’s sourced corresponds to when and how much electricity is used onsite.

Granular energy attribute certificates (EACs), which add transparency by including information on where and when energy is sourced, are crucial to delivering 24/7 carbon-free energy matched on the hour. On this episode, host Lincoln Peyton talks with EnergyTag Executive Director Killian Daly about how the organization is leading the charge for granular certificates, including advising governments around the world on their use and how they can ensure commodities like hydrogen are produced sustainably. They also discuss the complex world of voluntary standards, market impacts, policy implementation, and the ambitious mission of EnergyTag, which is backed by big names like Google and Microsoft. As EnergyTag champions global adoption of more granular carbon accounting standards, Killian will also shines a light on his role in harmonizing these efforts through leading the Carbon Data Specification initiative at the Linux Foundation.

Key Takeaways:

1. Granular data is key to transparency and accountability: by supplying information on when energy is generated, granular data enables organizations to better match the energy they source with consumption, better ensuring companies decarbonization efforts’ deliver the desired impacts.

2. Education leads to action: regulatory measures, such as the push for renewable hydrogen in Europe, will help suppliers shape how they source energy and produce commodities like hydrogen, chemicals and steel. Clear definitions of 'green' and enforceable standards can safeguard against inefficacy or greenwashing of products.

3. Strategic advantages of sustainable practices: There is a competitive edge companies gain by committing to sustainable practices — from price stability in energy markets to consumer trust in green certification. Going beyond the rhetoric of corporate responsibility, Killian articulates the tangible benefits of embedding sustainability into business models.

Resources:

• Learn more about EnergyTag: https://energytag.org/ 

• Case studies of granular certificate use: https://energytag.org/case_studies/

• The Granular Certificate Standard: https://energytag.org/standards/ 

• Canary Media’s series on the green hydrogen debate: https://www.canarymedia.com/articles/hydrogen/the-great-green-hydrogen-battle