Nuclear power: not green, clean or cheap

The investor’s choice

The nuclear industry is offering investors and the community a false choice between coal and nuclear power, which are both dirty and dangerous technologies. But the real choice is between clean power - comprising a mix of efficient energy use, natural gas and renewable sources of energy - and dirty power - comprising coal and nuclear power.

Both coal and nuclear power have severe adverse environmental, health and social impacts. Both offer big financial risks to investors. That’s why the Gittus report requests that the government either pay a direct subsidy or take on much of the financial risk, which is an indirect subsidy. It is essential that the Australian community does not permit the government (i.e., the taxpayer) to take on the financial risk of building new coal-fired or nuclear power stations.

A truly ethical and clean investment portfolio in energy would exclude both the coal and nuclear industries. Efficient energy use and renewable energy offer safe and clean investments. Over the past 15 years, wind power has been both the fastest growing and cleanest energy technology in the world. Bioenergy is already making valuable contributions to energy supply in Finland and Austria. China’s target is for renewable energy (mostly wind power) to contribute 12 per cent of electricity and nuclear only 4 per cent by 2020.

Meanwhile, huge potential for hot rock geothermal power has been demonstrated in Australia and a new generation of solar electricity generators (thin films including CSG cells developed at UNSW, sliver cells developed at ANU and solar thermal electricity) is coming onto the global market.