Chairman of SAC on the Horasis USA Meeting
Abstract: No standard answer as energies all have impacts on ESG. We need to put more effort into the R&D of new types of hybrid energy and apply technology to it for more productive and less ecological damage.
"Toward a New Era of Peace and Sustainability" as the theme, the Horasis USA Meeting was held on 19 May 2022 to discuss recent significant issues. Mr. Sebright Chen, the CEO and Chairman of Summer Atlantic Capital, was invited to this meeting as the core speaker on one topic.
Over the last decades, Asia has seen transformational change, evolving from a low-developed place to an indispensable strong market, which makes the problems in this region critical. In this meeting, Mr.Chen and other participants discussed the topic - Sustainability Megatrends from the Year of The Asian Tiger.
India and China have promised to be carbon-zero by 2070 and before 2060 respectively (too late for the UN goal of 2050). The other Asian nations, also growing their economies, have a strong fossil fuel need at present – and all are quite dependent on Russian supplies. How ecological are their plans to increase nuclear energy? How will China and India in particular absorb millions of redundant miners if they transform quickly to renewables? What happens to world stability if the Asian nations fail to meet their broad social and development programs and continue to import Russian fossil fuels?
In response to the question “how ecological are their plans to increase nuclear energy”, Mr.Chen said it depends on two details:
how to use it to solve what problems, and how to manage the process, as energies all have impacts, just a matter of stronger and softer.
how to define ecology and how/where to use nuclear energy
In particular, Mr.Chen analyzed the details of the usage of nuclear energy.
Radioactive pollutions are small and negligible in most cases, but factories consume lots of water when cooling the reactors, and 3% of nuclear waste are highly radioactive, sometimes lasting lifetime, and harmful to human and the environment. In contrast, CO2 is relatively ecological, as the emits are similar to wind power, and 3-4 times less than solar energy. Also, this technology is very productive.
Mr.Chen agreed that China and India will absorb millions of redundant miners if they transform quickly to renewables, as new jobs will be created and convert miners to new positions. China is a relatively policy-driven market where new economies can be made with policy shifts. Also, the consumption is massive; therefore, there will be enough capacity for such a transition.
In response to the related question, Mr.Chen admitted that it is risky if Asian nationals fail to meet their broad social and development programs because:
Ecology is a critical part of the long-term prosperity of humans on this planet; thus it is highly related to stability.
Asian countries shall work together with the rest of the world to achieve relevant social goals.
However, this does not have to be related to importing fossil fuels from Russia. Politics are politics, and economy is economy. They do not have to be that associated with each other; otherwise, what’s the difference between the world now and 50 years ago? Also, if we connect them too much, the situation could be ever worse.