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IAEA Chief Pushes Development Banks to Fund New Nuclear Energy Projects

Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), poses for a picture in his office at the IAEA headquarters in Vienna, Austria on March 01, 2024, ahead of a board of governors of the UN nuclear watchdog to be held on March 4, 2024 in Vienna. (Photo by Joe Klamar / AFP)
Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), poses for a picture in his office at the IAEA headquarters in Vienna, Austria on March 01, 2024, ahead of a board of governors of the UN nuclear watchdog to be held on March 4, 2024 in Vienna. (Photo by Joe Klamar / AFP)
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IAEA Chief Pushes Development Banks to Fund New Nuclear Energy Projects

Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), poses for a picture in his office at the IAEA headquarters in Vienna, Austria on March 01, 2024, ahead of a board of governors of the UN nuclear watchdog to be held on March 4, 2024 in Vienna. (Photo by Joe Klamar / AFP)
Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), poses for a picture in his office at the IAEA headquarters in Vienna, Austria on March 01, 2024, ahead of a board of governors of the UN nuclear watchdog to be held on March 4, 2024 in Vienna. (Photo by Joe Klamar / AFP)

International Atomic Energy Agency chief Rafael Grossi has asked global development banks and their government shareholders to fund new nuclear energy projects, stating that failing to do so could delay the energy transition, the Financial Times reported on Monday.
The UN nuclear watchdog chief told the Financial Times in an interview that lack of funding for emissions-free nuclear energy by multilateral lenders such as the World Bank and Asian Development Bank was "out of step" with the wishes of most of their shareholders, adding that there has been a "sea-change" in the outlook on nuclear power due to the climate crisis and the war in Ukraine.
"All these development banks or international finance institutions are out of date, out of step with what is happening," Grossi told the newspaper. "The outlook of the banks seems to be a "post-Chernobyl sort of mantra, which does not correspond any more to the policy indication from countries and the ideas and projects we are seeing."
World leaders will attend a "first-of-its-kind" nuclear energy summit in Brussels later this month where they are expected to discuss how to overcome opposition from a small number of nations such as Germany to using development banks to fund nuclear projects, Grossi told FT.
The IAEA estimates annual nuclear investment will need to more than double to $100 billion by 2030, up from almost $50 million in 2022, to meet the Paris Agreement target of net zero carbon emissions by 2050, the report added.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."