TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Jun 01, 2023

UK forms nuclear alliance designed to edge Russia out of international market

UK forms nuclear alliance designed to edge Russia out of international market

The UK was among five G7 members to join the alliance to share nuclear power fuel supply chains. Fellow member Germany has just completed its ditching of nuclear fuel. The G7 climate and energy ministers were criticised for leaving the door open to further fossil fuel financing.
Five of the world's largest economies are hoping to undermine Russia's grip on nuclear power supplies by shutting it out of a new alliance.

The alliance, formed by the UK, US, Canada, Japan and France during the G7 meeting over the weekend, will develop shared supply chains for nuclear fuel.

The five G7 members aim to push Russia out of the international nuclear energy market and cut off funding for its invasion of Ukraine, the UK's Department for Energy Security and Net Zero said.

Energy Security Secretary Grant Shapps called the announcement the "next vital step" in efforts to defeat Vladimir Putin and ensure no one "can ever think they can hold the world to ransom over their energy again".

The agreement will also strengthen the UK's nuclear energy sector, helping it on the path to energy independence and reducing electricity bills, his department said.

The fuel is used to operate nuclear power stations which provide around 15% of the UK's electricity supply, with an aim for it to reach 25% by 2050.

Meanwhile fellow G7 member Germany last week closed the last of its remaining nuclear reactors, completing a plan driven by the Fukushima nuclear disaster in Japan in 2011.

Ministers from the Group of Seven rich nations were finishing two days of meetings on climate, energy and environmental policy on Sunday.

They set big new targets for solar power and offshore wind capacity, agreeing to speed up renewable energy development and move towards a quicker phase-out of fossil fuels.

"We stress that fossil fuel subsidies are inconsistent with the goals of the Paris Agreement," a statement read.

And they underlined a commitment to "accelerate the phase-out of unabated fossil fuels so as to achieve net zero in energy systems by 2050 at the latest".

They were accused of falsely claiming they had ended fossil fuel finance, while actually leaving the door open for gas investments.

The G7 climate and energy ministers said: "Investment in the gas sector can be appropriate to help address potential market shortfalls provoked by the crisis, subject to clearly defined national circumstances, and if implemented in a manner consistent with our climate objectives and without creating lock-in effects."

Louise Burrows, from thinktank E3G, called it "concerning to see the G7 claim they have ended international fossil fuel finance, when multiple fossil fuel projects are still being actively pursued by over half the group, and Japan and Germany are yet to adopt new fossil finance policies.

"To be taken seriously, the G7 must follow the UK's lead and implement this commitment with integrity," she said.

The world's leading energy agency, the International Energy Agency's (IEA) says no new gas fields or liquefied natural gas (LNG) infrastructure is compatible with the global goal to limit warming to 1.5°C above pre-industrial levels.

They also stopped short of a target to make the power sector "fully fossil free" by 2035, instead "[reaffirming] our
commitment to achieving a fully or predominantly decarbonized power sector by 2035".

Hiroki Osada, campaigner at Friends of the Earth Japan, said: "Nothing can justify new investment in fossil fuels, and no exceptions can be allowed.

"Japan should immediately end international financial support to fossil fuels in line with its G7 commitment, and should also commit to a complete phase-out from coal by 2030."
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

TIMES.KY
Close
0:00
0:00
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
Drone Attack on Moscow's Wealthiest Neighborhoods Suspected to be Launched by Ukraine
Elon Musk Meets Chinese Finance Minister in Beijing
AI ‘extinction’ should be same priority as nuclear war – experts
Prominent Hacker Forum RaidForums Suffers Substantial Data Breach
Nvidia CEO Huang says firms, individuals without AI expertise will be left behind
WPP Revolutionizes Advertising with NVIDIA's AI Powerhouse
Two US Employees Fired For Chasing Robbers Out Of Store As They Broke ''Company Policy''
If you donated to BLM, you got played
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Is Saudi Arabia the holiest place in the world? Ancient Hebrew Inscriptions from "The Mount Sinai Stand" Discovered in Saudi Arabia
Ukrainian Intelligence Official Admits to Assassination Attempts on Putin
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
TikTok Sues Montana Over Law Banning the App
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
Last Walmart in North Portland Closing Down
Florida's DeSantis seeks to disqualify judge in Disney case
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
Debt Ceiling Crises Have Unleashed Political Chaos
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
The Prime Minister of St. Vincent and the Grenadines calls the British monarchy "an absurdity" he wants to remove in his lifetime
King Charles III being crowned.
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
A Real woman
Vermont Man Charged with Stalking After Secretly Tracking Woman with Apple AirTag
Elon Musk Statements About Tesla Autopilot Could Be 'Deepfakes,' Lawyers Claim. Judge Evette Pennypacker Does Not Understand How Far and Advanced This Technology Became
Ukraine More Prepared for Counterattack as Reinforcements Arrive
UK Prime Minister Rishi Sunak and Italian Prime Minister Giorgia Meloni Discuss Migration, Defence, and Ukraine
AT&T's Successful Test of Satellite-Based Phone Call Raises Possibility of Widespread Coverage
CNN: "Joe Biden is asking for four more years — when 74% of Americans think the country is heading the wrong way“
Turkish President Recep Tayyip Erdogan Cuts Short Live TV Interview Due to Health Issue
US Congresswoman threaten Twitter Files journalist with arrest
Pulitzer Prize-winning journalist Seymour Hersh slams New York Times' pro-government stance and treatment of sources
Enough is enough: it's time to end the war in Ukraine. While Russia may be to blame for starting it, Russia is not the one refusing to stop it
Fox News Settles their case with Dominion Voting Systems for a staggering $787.5 MILLION
AG decries scapegoating and rushed lawmaking by government
The land of the free violence
×