Bill Gates tells NEF that nuclear has a place in climate campaign

A man wades through a flooded street near the Rialto bridge in Venice. Environmentalists have blamed dramatic flooding in the city on climate change. (AFP)
Updated 22 November 2019

Bill Gates tells NEF that nuclear has a place in climate campaign

  • About 14 percent of China’s energy needs come from renewable sources

BEIJING: Climate change experts and business leaders warned that there was virtually no chance of meeting the target of zero carbon emissions by 2050, as environmentalists have demanded in the growing global campaign against fossil fuels.

Bill Gates, the billionaire philanthropist turned environmental advocate, told the Bloomberg New Economy Forum in Beijing that there would have to be a radical rethink of economic and energy practices to meet that target.

“How do you get there? What is the world’s source of energy if not fossil fuels? It probably involves a lot more renewables, a storage miracle, and maybe more nuclear,” Gates said. He recently admitted to technology issues at his TerraPower nuclear technology firm.

“I put my hundreds of millions into it but it is not a profit-seeking activity. Nuclear will only survive if a new generation with better economic and safety standards is out there. It’s very advantaged if you get the designs right. None of the paths to climate safety are risk free,” Gates said.

“Today’s reactors are not economic. Today’s nuclear industry will disappear if there isn’t a new design,” he added.

Asked about the attraction of nuclear power for general consumers, he responded: “Well, they like cheap and reliable electricity, and nuclear provided that.”



Pakistan won’t be blacklisted, makes tremendous progress — Citibank

Updated 40 min 45 sec ago

Pakistan won’t be blacklisted, makes tremendous progress — Citibank

  • Blacklisting is not likely, Pakistan has made great strides, says Nadeem Lodhi
  • Greylisting of Pakistan is a geopolitical issue, according to Citibank

KARACHI: Citibank Pakistan has expressed its confidence that the country would not be further downgraded by the Financial Action Task Force (FATF) on the back of progress it has shown.
“Blacklisting (of Pakistan) is not probability now or any other time,” Nadeem Lodhi, CEO of Citibank Pakistan told journalists at Pakistan Media Roundtable held in Karachi on Monday. 
“Pakistan is making tremendous strides on the list provided by FATF and our regulator is very strong and they have made whatever they have to implement in the financial industry,” he added.
Citibank, which operates in 98 countries and acts as a correspondent bank in Pakistan offering services to corporate and public sector clients – making payments around $4 trillion per day to other banks – says its operations have not been impacted by the greylisting of the country.
“We as a correspondent bank operate on the same alert level (as before greylisting) and it is unchanged for us and business is not impacted or that the business of our client including financial institutions is not impacted,” Lodhi said, explaining that the greylisting of Pakistan is “more of a geopolitical issue.” 
“When Afghanistan is on the white list how can Pakistan be on the grey or black list?” said Moiz Hussain Ali, Citibank Pakistan country treasury and markets head.
In October, the Paris-based FATF expressed concerns with regard to “overall lack of progress” by Pakistan in addressing its terror financing risks, and gave Islamabad time until February 2020 to complete its full action plan or risk further downgrading.
“Should significant and sustainable progress not be made across the full range of its action plan by the next plenary, the FATF will take action, which could include the FATF calling on its members and urging all jurisdictions to advise their FIs (financial institutions) to give special attention to business relations and transactions with Pakistan,” the FATF warned.
Citibank officials say Pakistan may remain on the greylist till the end of the upcoming year.
“The list given to Pakistan is quite long and it is not that you can do it overnight,” Ali said.
He expressed satisfaction with the government’s current economic policies and called for their continuation.
According to the Citibank officials, if the current political regime, where the army and political leadership look united, continues for the next two years, things should improve.
They said that a number of multinationals are planning investment – estimated at $500 million – in various sectors of the economy, ranging from consumer goods to energy.