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December 04, 2023
Bill Gates' new nuclear deal has a serious Russian roadblock
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Bill Gates inserted himself into another planet-altering business endeavor that he is convinced will save the planet from climate change.
On Monday, Bill Gates' advanced nuclear reactor company TerraPower LLC signed a deal with the United Arab Emirates' state-owned power company, ENEC, to study the UAE's nuclear capabilities.
The deal was struck at this year's COP28 conference in Dubai, where delegates gathered to measure the progress of the Paris Agreement. During the signing ceremony, CEO of ENEC Mohammed Al Hammadi said his company is "Looking for a future for the clean electrons and molecules that will be brought to reality by advanced reactors."
While it is commendable that Gates is looking into a nuclear option, there is a significant roadblock. TerrPower's small nuclear power plants require fuel that has a single seller - Russia.
Barbados Prime Minister Mia Mottley had a different idea about how member states can save us from ourselves. Mottley explained that funding is a major factor causing countries to fall short of the goals outlined in the Paris Agreement.
During a press conference, Mottley said, "The planet needs global governance not in a big stick way, but in a simple way of cooperating to be able to work with the institutions we have." She later urged countries to consider taxes to boost climate funding.
"A global 0.1% tax on financial services, for example, could raise $420 billion," she said.
A report released on Monday estimated that emerging countries will need $2.4 trillion a year in investment.
It is fair to point out that in the past, the architect of the Paris Accords, Christiana Figueres, called COP summits a "circus" that could be done from home.
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