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Kumi Naidoo

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Banking on the Next Fukushima

Posted: 05/12/11 01:22 PM ET

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Kumi Naidoo and Nuclear Campaigner Yannick Rousselet protest the passage of a train carrying nuclear waste. Image: Pierre Gleizes.

Two months after the devastating earthquake and tsunami struck Japan, our thoughts are with those who have lost loved ones, those who face an uncertain future and those who are still unable to return home because of the deadly contamination from the still-leaking and still-precarious nuclear complex at Fukushima.

The ongoing Fukushima nuclear catastrophe stands as a stark warning to those who live in the shadow of other nuclear reactors around the world. It stands also as a reminder of the inherent risk of nuclear power: a technology so complex and so dangerous that it will always be prone to the impact of natural disaster, technical failure and human error.

Nuclear power is a technology that comes complete with its own disaster scale: the International Nuclear Events Scale or INES. Fukushima, having suffered the twin onslaught of earthquake and tsunami, registered seven on that scale, the highest possible, yet it is not the worst-case scenario. It can't be. There is still much more radioactivity held inside the wrecked reactors than has been leaked into the environment. There is still no guarantee that the reactors have been brought under control. The future for those living in the area remains fraught with danger, uncertainty and risk.

One thing is certain, though! No one would build a reactor in a high-risk earthquake zone on a coast now. Not after Fukushima. Would they? No one would take the risk?

Regulators would not approve it. Citizens would fiercely oppose it. Banks and markets would not be prepared to take the risk; they would not be prepared to pay for it. Would they?

Apparently, yes! Two of the world's biggest banks, HSBC and BNP Paribas, are doing just that. They are involved in funding a massive nuclear development at Jaitapur on India's earthquake-prone coast in Maharashtra state. If completed according to plan, it will be the world's biggest nuclear power facility.

Long before the Fukushima disaster, local people expressed their opposition to Jaitapur. They have protested the construction and pointed out the inherent dangers and technical threats posed by the planned French European Pressurized Reactors. They pointed out that nowhere in the world has the problem of how to isolate deadly nuclear waste from the environment been solved. Jaitapur is no exception -- there is no plan, period. Nor is there any money being set aside to pay for radioactive waste management. Thousands of people have been unjustly arrested in protest. More than 2,400 families will lose their livelihoods if the plans continue, yet only 154 have so far accepted compensation.

Despite this, and in the face of Fukushima, the Indian government is determined to continue, to let the French company Areva build the reactors. It will not listen to reason nor pay attention to the reality of earthquakes in the region: in the last two decades alone, it has suffered three earthquakes above 5 points on the Richter scale. In 1993, the region suffered a quake measuring 6.3, which left some 9,000 people dead.

I have witnessed firsthand the legacy of the nuclear industry. Last month I traveled to Chernobyl and met with local people who -- 25 years later -- still live with that nuclear disaster every day. I have had the honor of standing alongside the people of the Wendland in Germany who continue to lead a mass movement against a planned nuclear waste storage site that threatens their livelihoods and homes. And along with the rest of the world, I have witnessed the most extreme cost of nuclear energy -- the disaster at Fukushima and the heart-wrenching consequences for the people affected.

Today, I have written to the heads of BNP Paribas and HSBC, reminding them of the need to act responsibly and reminding them of the reality surrounding these already-questionable nuclear investments. I am urging people everywhere to take a stand against future Fukushimas and join me in warning these banks against the risks of investing in nuclear power. Instead we need banks like HSBC and BNP Paribas to invest in clean and safe renewable energy sources rather than bank on the next Fukushima. No money, no reactors, no danger.

 

Follow Kumi Naidoo on Twitter: www.twitter.com/kuminaidoo

 
 
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09:44 AM on 05/14/2011
If you want to end investment in nuclear fission power, then the banks are the wrong place to start. Attack the government loan guarantees and regulatory risk insurance that enable banks to invest in new construction, eliminate the Price-Anderson cap on liability and reduce production tax credits and subsidies on access (mining) to public lands.
This should be easier than going after the banks, because instead of convincing the managing directors of a bank to abandon profitable investment, you only need to lobby your elected representatives (in most countries, anyway).
12:13 PM on 05/13/2011
Exactly what part of 'privatized profits, socialized risks' do you not understand, Mr. Naidoo?
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PoloniumMan
"It worked." J. Robert Oppenheimer
08:57 AM on 05/14/2011
There are socialized profits for these plants as well. All the people benefit from the operations of these plants. Electricity in our home that is constant in frequency and voltage is a luxury that most people in the world don't have. Also, many people own utility stocks as a low risk portion of their retirement portfolio. Utility stocks used to be called orphan and widow stocks because of the low risk modest returns.
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alvdh1
12:33 PM on 05/16/2011
Do you own TEPCO bonds and common stock PoloniumMan? Did you include the Fukushima exclusion zone's lost economic activity in your calculation? Are you including your nuclear paid shill checks as a privatized profit or a socialized cost? At what poin tot do you say enough is enough to nuclear?
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Dredd
Our government is a wartocracy.
08:57 AM on 05/13/2011
Strange considering that Fukushima is admittedly in meltdown status with holes in the containment vessel according to this story: http://wireupdate.com/wires/17377/tepco-admits-nuclear-meltdown-at-fukushima-plant/
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10:48 PM on 05/12/2011
Hmm, tell all the people in the exclusion zone that lost all their possessions and their livelihoods that this was not a harmful incident. Tell all the people who are going to come down with thyroid cancer that this injured less people than a dam break. Funny thing about radiation of this sort, the damage is often not apparent until years later.

Fukushima was not an isolated incident.
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PoloniumMan
"It worked." J. Robert Oppenheimer
02:02 AM on 05/13/2011
The Japanese eat a diet rich in iodine so most likely their thyroids were already saturated with iodine. On top of that, the Japanese authorities were very quick to hand out potassium iodide pills. Combine these two factors, and I would expect the number of thyroid cancers from this accident to be small to none.
01:38 AM on 05/14/2011
What about the possessions and livelihoods? Can they take iodine pills?
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Richard Pearce
Atheistic-agnostic Canadian polymath
08:35 PM on 05/12/2011
Just a bit of a review of what Fukushima tells us.

It tells us that a reactor complex with decades old safety systems and designs, operated by an organisation with a complacent (almost criminally so) attitude towards safety, hit by not just a massive earthquake, but then hit by a massive tsunami, killed and injured LESS people than a dam that generated only a fraction of the amount of electricity.
02:49 AM on 05/13/2011
The lesson learned, is nuclear fission is the fire of the sun and it burns hotter than we can handle. We play with elements that are not natural to our environment and they must be cooled using a variety of techniques. A nuclear reactor is a complex system, with thousands of moving parts and an army of technicians to keep it operating. The natural enemy of any complex system is entropy; however unlike the decay of other systems, the results of a nuclear accident are far more unpredictable. Earthquakes, hurricanes, human error, attacks, and safety malfunctions unavoidably occur and it's impossible to plan for all scenarios.

Future accidents are inevitable, and the likelihood of another accident increases over time as more facilities are constructed. It’s unsettling to think that India, a developing nation in a politically volatile region, plans to build on a geological unstable site. With Fukushima, we see a highly organized government, with superior resources, vexed by a nuclear accident.

Ultimately, when you consider the risks involved with the technology, not to mention the problem of storing waste (which we have already committed humanity to for the next 100,000 years) it should become clearer to people that nuclear is a short term solution.
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jujubees
starch, gum and corn syrup, bees extra
01:27 PM on 05/13/2011
Let me as an engineer and as a former nuclear reactor operator in the United States Navy dissect your diatribe, at which point, I will suggest that you go back to school to further your own education.

Nuclear fusion, not fission would be closer to the fire of the sun...It does not "burn" hotter than we can handle. To state otherwise demonstrates a fearful amount of ignorance on your part.

>A nuclear reactor is a complex system, with thousands of moving parts and an army of technician­s to keep it operating.

Yes, oddly enough the nuclear research reactor I just spent 9 months working at, had 1 reactor plant manager, one mechanic and one electronics technician, me...thousands of moving parts? (now if I counted the individual electronic components, then I'd agree with you, but they don't really move around a lot)...remember I told you up front I have 6 years as a nuclear reactor operator.

>the results of a nuclear accident are far more unpredicta­ble. Now here is where one really needs to step back and think about history. Man, in his infinite ignorance, exploded how many nuclear weapons into the atmosphere before finally stopping?
Unfortunately most people don't or can't understand the difference between a nuclear bomb and a nuclear plant. (Psst, the fuel used in nuclear reactors is very low enriched uranium in almost every plant in the United States now.
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jujubees
starch, gum and corn syrup, bees extra
01:33 PM on 05/13/2011
continued from my previous post:
The few remaining plants in the United States that do you highly enriched Uranium still do use use the type of Uranium necessary to build a nuclear weapon.

Ultimately­, when you consider the risks involved with the technology­, (which you clearly have little or no understanding of) not to mention the problem of storing waste...
This is a sore point with me. Not so much with people that blithely throw out the statement to begin with, but the NRC and the Federal Governments inability to start a program to recycle the fuel. (Hint: reference the nation of France when it comes to this)
Now only is nuclear power a short term solution, but a long term one as well.

Where do you think you are going to generate the massive amounts of electricity to power a new country running on electrics cars/trucks/trains? Windmills and solar panels? Now I'm the one that's laughing.