Alec Crawford is joined by Patrick White, project manager at the Nuclear Innovation Alliance, to discuss nuclear energy, sustainability, and technology. Patrick talks about his career journey and how he ended up at the Nuclear Innovation Alliance, starting with his studies at Carnegie Mellon University and working in the commercial nuclear industry. He then pursued a Masters and PhD in nuclear science and engineering at MIT while co-authoring the 2018 report on the future of nuclear energy. The conversation focuses on the role of nuclear energy in deep decarbonization and how technology and artificial intelligence can be used to build a better sustainable future.

Patrick is a graduate of 2021 and works for the Nuclear Innovation Alliance. His role involves looking at the regulations currently in place for nuclear power plants and making them more effective and efficient. He is also looking at policies at the state and federal level that would enable nuclear energy deployment. Patrick advises aspiring nuclear engineers to figure out what aspects of the energy problem they are most excited to solve and to take advantage of opportunities, such as internships and degrees in related fields, to plug into that.

This conversation discussed the role of nuclear energy in the U.S. The speaker explained that the future of nuclear energy depends on how seriously we take climate change and our clean energy goals. Nuclear energy can play a role as a complementary energy source, not just to reduce carbon emission, but also to meet the goal of 100% clean energy. Nuclear energy also has a unique advantage in producing high temperature steam for electrolysis, which is an efficient way to create hydrogen gas. To explore this potential, the U.S. Department of Energy is funding a nuclear hydrogen hub, which will focus on researching and demonstrating hydrogen production with nuclear power. Finally, the speaker noted that the U.S. produces 20% of its electricity from nuclear power, while France produces 70%, highlighting the importance of nuclear power for energy security and grid stability.

When discussing grid stability and reliability, many questions arise regarding the balance between supply and demand. Nuclear energy is often described as firm energy, meaning it is reliable and dispatch-able, and can be turned on regardless of the weather conditions. This makes it an ideal complement to other clean energy sources such as solar panels and wind farms, which may not always be available. Nuclear power plants can supply electricity when the grid needs it, helping to balance out other renewable energy sources in order to meet overall energy goals.

Timestamps

0:00:02

Conversation with Patrick White, Project Manager at the Nuclear Innovation Alliance

0:02:12

Lead on Regulatory Modernization at the Nuclear Innovation Alliance

0:04:34

Exploring the Role of Nuclear Energy in Achieving Clean Energy Goals and Producing Hydrogen

0:09:06

Exploring the Benefits of Nuclear Energy for Grid Stability and Reliability

0:10:42

Exploring Energy Security and Nuclear Regulatory Challenges in the US

0:13:40

Exploring Flexible Power Operations for Nuclear Plants

0:17:16

Exploring Flexibility in Nuclear Power Plants to Meet Grid Demands

0:18:30

Heading: Exploring Nuclear Energy Solutions to Complement Renewable Sources

0:20:19

Exploring Generation Four Reactors: A Discussion on High Temperature Gas Reactors and Molten Salt Reactors

0:21:34

Heading: Advantages of High Temperature Gas Reactors (HTGRs) and Sodium Fast Reactors for Nuclear Energy

0:25:01

Exploring the Benefits of Sodium Fast Reactor Technology for Nuclear Power Generation

0:26:24

Exploring the Potential of Sodium Fast Reactors and Small Modular Reactors for Reducing Carbon Emissions

0:28:16

Exploring the Benefits of Small Modular Reactors for Utilities and Construction Companies

0:31:45

Exploring Environmental Impacts and Emergency Planning for Nuclear Power Plants

0:34:34

Exploring the Safety Profile and Supply of Nuclear Fuel for Nuclear Reactors

0:36:18

Exploring the Impact of Russia on the Uranium Fuel Market

0:39:14

Exploring the Safety Concerns of Increased Nuclear Power Use and How They Are Being Addressed

0:40:45

Nuclear Power Plant Safety Regulations and Procedures

Highlights

Yeah, so when it comes to the safety and nuclear power plants, a lot of it comes down to what are the potential hazards of the facility and then what are the systems, structures, components, programs and operations that are really doing to ensure safety? So in the United States, with the existing fleet, the Nuclear Regulatory Commission has done a lot of work to basically ensure that the US power plants are secure against what they call a whole suite of design basis accidents.

And so, as the United States is starting to look at kind of ensuring the fuel supply for its existing nuclear reactors, the question is, okay, what percentage of our enriched fuel comes from Russia? And how can we potentially shift to other suppliers or other countries to make sure that we're not relying on Russia to power all of our US. Reactors? Right now, it's not a near term issue. Despite the Russian invasion of Ukraine and the challenges that we're having with international markets, the uranium markets are still functioning. It's something where they've kind of talked about uranium diplomacy kind of being beyond the scope of normal diplomacy, just because everyone recognizes that it's kind of a special material.

And for the reactors that we currently use, we need to go from the natural level of enrichment, which is about 0.7%, to an enrichment level of about four to 5%. And so we do that in what are called enrichment facilities, most commonly gas center fugitive facilities. And that's kind of a technology that's very well protected just in terms of the opportunities for nuclear proliferation and concerns around states getting access to enrichment technology.. And so enrichment facilities are really limited in a much smaller number of countries, including Russia, France and the United States. Then the final step is you take that enriched uranium turn into fuel. The reason I kind of tell that full back story is that when we start talking about uranium fuel and what the impact of Russia is on the market, russia, and specifically the Russian state owned company Tenx, controls a large percentage of not the mining, but actually the conversion and the enrichment services. So kind of that back end.

And so those conversion facilities are really kind of focused. There's some in the United States. Netherlands, UK, Russia. And the final step is something called enrichment. So, with enrichment, what we're really interested in doing is changing the ratio of two isotopes in the uranium fuel, specifically uranium 235 and uranium 238. So uranium 235 is an isotope, uranium that we really want for nuclear reactors. It's a type of uranium that's very easy to fission or to split and release energy.

And so with some of these small modular reactors, they thought about the safety case of their technology, and they've essentially used more kind of passive or inherent safety mechanisms that reduce the need for having large pumps, large valves. Large emergency safety systems and that even in the worst case accident, you won't have these large releases of radioactive material that cause or essentially necessitate having emergency evacuations.. The best example of that that we've seen so far is the new scale reactor that I mentioned earlier. They've worked very hard with the Nuclear Regulatory Commission to show that under every single possible accident condition, that there will be no evacuations needed outside their plant boundary. So even in the worst case of a worst case accident in a new scale plant, there'll be no need to have evacuations. And that essentially the entire accident will be contained on site.

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Alec Crawford welcomed Scott to the Stay Podcast to discuss sustainability, technology, artificial intelligence, and their impact around the world. Scott has had a long career in the environmental field, beginning with working as an environmental scientist for a chemical company, to managing environmental issues globally, and finally joining Trane Technologies to help work in refrigerants. Scott recently attended Davos and his takeaway was that every sector of the economy needed to help move towards a better future with improved sustainable practices and reduced emissions is now at the table. The conversation between the interviewer and the sustainability leader revolves around the concept of sustainability and how it is integral to the success of the company. The sustainability leader defines sustainability as being about who a company wants to be, and how they can continuously improve. Train Technologies has two major facets: HVAC systems and transport refrigeration. The sustainability leader is responsible for leading sustainability efforts and running the Center for Energy Efficiency and Sustainability. Sustainability is not just about environmental efforts, but is also about social work, how employees are treated, and the expectations of suppliers. Sustainability is about making sure the company is positioned for success in the future. Scott, the Sustainability Officer at Trane Technologies, discussed his team's role in designing products for the future and how sustainability is now interwoven with the purpose of the company. He highlighted their program called Operation Possible which encourages employees to think of ways to solve big societal issues, such as increasing access to fresh food. He also discussed his interactions with the CEO and the board, emphasizing that for companies that see sustainability as their business, the CEO, board, and leadership team are fully engaged on all sustainability efforts on a daily basis. Trane Technologies is serious about its commitments to reduce emissions, increase diversity and provide opportunity for all. These commitments are attached to the CEO and manager's compensation, showing how serious the company is. The board has also readjusted expectations, linking progress to ESG issues. The company has set leading commitments around gender parity, investing in STEM education and allowing employees to volunteer in their local communities. Employees are given paid time off to volunteer and the company matches their time with contributions to the organisations.

Timestamps

0:00:01

Scott Discusses Sustainability and Artificial Intelligence on the Stay Podcast

0:02:34

Discussion on Sustainability and Trane Technologies' Role in the Economy

0:07:18

Sustainability Governance and Interactions with the CEO and Board at Trane Technologies

0:12:40

Trane Technologies' Commitment to Emissions Reduction, Diversity, and Community Engagement

0:15:35

Trane Establishing the Firm's Sustainability Goals Through an Inclusive Global Process

0:17:24

Exploring Trane Technologies' Sustainability Strategy and Commitment to Transparency

0:19:12

Sustainability and ESG Disclosure Gaps Between the US and Europe

0:21:09

Exploring the Benefits of Next Generation Heat Pump Technologies

0:25:30

Examining Trade-Offs in Sustainability and Energy Efficiency During a Recession

0:26:57

Conversation on Reducing Greenhouse Gas Emissions and Addressing Societal Issues

0:29:11

Advice for New Chief Sustainability Officers: Materiality Assessments and Bold Public Commitments

0:32:15

Conversation with Sustainability Leader on Net Positive Impact and Engaging Employees

0:33:54

Interview with Scott Tew of Trane Technologies on Climate Change Solutions

Highlights

This has becomes a North Star for a new sustainability leader because it becomes a North Star for a company and your leadership and your employees. And by the way, employees, whether they would articulate it this way or not, they're really engaged in this. This is a personal value thing. The things we're talking about are about making communities better. It's about a commitment to make a company better.. Who doesn't want to work for a company like that? And so it's about engaging people differently. It's about helping people understand that they have a personal role and actions that they can take to help. I think those are all really exciting things.

There are a couple that are important, Alec. One is science based. Targets Initiative, the SBTi. We believe that it's really important for a company not to set their emissions and climate commitments in a vacuum, and that you should run to those groups that are using science that are rooted in your own company's history of progress, how big your commitment is, and let them evaluate whether or not they think that it's big enough to be meaningful.. And we really like their process. We think it's objective, it's fair, it's transparent, and we think it's a good one. So I think the SBTi is a good one. There are others that we think are also good. Some of the reporting frameworks are important. sAsB, the sustainability accounting principles, we believe that that's an important one because that one is the one that has principles for disclosure. Based on the industry that you're in, I think it makes sense for most of your viewers to understand that. Trane Technologies it's hard to compare what we do to maybe a company that makes toothpaste.

Well, I mean, here's the issue. Eating and cooling buildings represents roughly 15% of the world's greenhouse gas emissions. I mentioned food loss earlier. Food loss alone represents roughly 10% of the world's greenhouse gas emissions. If you add those two together, that's simple math. Trane technologies every day. The opportunity in front of us. The big challenge is how do we reduce 25% of the world's greenhouse gas emissions?. That is just an incredible opportunity for any company. It's also really good to have your eyes wide open about the challenge, because if that's the challenge, then you need to commit in big ways to make it happen, which was sort of the lead in for why we made some big commitments around. We'll do our part. We're also calling on other companies to do their part. It's not the only societal issue. There are others.

I think the faster adoption of some of these technologies with the incentives from IRA is just going to be great. It's going to be great for homeowners. It's obviously going to be great for the environment because we're removing the need for fossil fuels for heating. By the way, fossil fuels used in heating represents roughly 6% of the world's greenhouse gas emissions. So it's going to be really nice to begin reducing that number by transitioning over to next generation technologies.

We've been a transparent company for a long time, so some companies have not been and some companies have been cherry picking the things that they want to talk about, maybe the things they didn't want to talk about. But we're at a point now where there's about to be a new minimum for all companies that's predominantly going to be about emissions, greenhouse gas emissions and your efforts to reduce them.. So there will be a requirement that companies become more transparent around their greenhouse gas emissions footprint and what they're doing to reduce it. I think this is a great thing. We welcome these changes. We believe that once all companies are being transparent about their footprint, at least we'll all know where the biggest opportunities are for us to go and do some things to reduce them.

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Alec Crawford welcomes Bonnie Wongtrakool to the Stay podcast, a show about sustainability, technology, artificial intelligence, and the individual. Bonnie is a chartered financial analyst and the global head of ESG Investments and portfolio manager at Western Asset Management Co. and is joining Alec to discuss environmental, social and government (ESG) focused investing during Women's History Month. Bonnie explains how she came to ESG by happenstance, as she was previously working as a mortgage portfolio manager. After expressing her interest in something outside of mortgages, her senior management at Western Asset asked her to look into ESG, as they had been hearing about the need for more sustainable investments from international clients.

Western Asset Management is a global fixed income manager with $400 billion under management. Headquartered in Pasadena, California, they also have eight other offices around the world. Western Asset Management manages all types of fixed income, including multi sector mandates, absolute return, corporate only mandates, emerging market, dedicated bank loans, municipal bonds, mortgage backed securities, and asset backed securities. Their investment horizon is long term and they adopt a fundamental value active management approach. They also prioritize ESG, incorporating it into all their mandates to assess a security's intrinsic value. In 2017, the company recognized the trend of ESG and asked the speaker to lead the initiatives in the area.

Bonnie is the global head of ESG investments and a portfolio manager at WAMCO. Her role involves leading ESG initiatives such as research, engagements, and strategy while working with other groups within the firm such as client services, legal and compliance, and information technology. As a portfolio manager, she also manages broad sector portfolios.

When it comes to ESG investing, the process is integrated into the investment process from a bottom-up perspective. This includes research analysts creating ESG frameworks for each subsector and taking a forward-looking approach instead of relying on historical reported data. Additionally, the speaker and his team also engage with management to assess the governance pillar.

Bonnie acknowledges the difficulty of obtaining ESG information from smaller private companies, such as those issuing bank loans or high yield bonds. Despite this, they are still actively looking for ways to assess these companies and factor ESG into the investment process.

Information flow and sustainability have greatly improved in recent years, particularly through the LSTA's ESG questionnaire and increased investor interest. However, the data is still relatively basic and conversations with issuer management are necessary to get more detailed information. For agency mortgage backed securities, we assess the ESG risks and opportunities and give a generally positive rating. Fannie Mae and Freddie Mac have both started issuing green and social impact bonds in response to investor demand, and we take these into account when selecting investments for our clients. When communicating our ESG strategy to investors, we emphasize the importance of sustainability, the use of proceeds, the collateral, the issuer, and the servicer.

Timestamps

0:00:02

Heading: Interview with Bonnie Wongtrakool, Global Head of ESG Investments and Portfolio Manager at Western Asset Management Co.

0:02:08

Western Asset Management's ESG Initiatives

0:04:01

ESG Investing at WAMCO: A Conversation with the Global Head of ESG Investments

0:08:57

Exploring Information Flow and ESG Ratings for Corporate and Non-Corporate Fixed Income Securities

0:12:11

ESG Reporting and Climate Finance Challenges for Sustainable Investors

0:14:28

Conversation on Sustainable Investing and ESG Investing for Public Companies

0:16:37

Exploring the Benefits of Sustainable Efforts and the Transition to Electric Vehicles

0:18:30

Sustainable Investing

Highlights

But that still leaves a lot of countries still kind of out in the cold, particularly within the developing markets. So I think that that's where you're going to need a lot more effort from things like the multilateral development banks to help bring together the policymakers, private investors bring down the cost of financing and also bring in their advisory expertise to help countries get up the curve. These developing market countries to help them develop their project pipelines, to help them look at different financial structures including things like green bonds.

I'd say the biggest challenge for sustainable investors in general is that we need to scale up climate finance. I think this has been talked about for years. They hit on this again last November at the conference of Parties Cop 27. So I think there is this critical mass of understanding that we do need to do it. However, it is so difficult. We've been talking about it for years and even now the world is really investing.. The estimate is something like only one third of what we need to address climate risk. So there's a lot that needs to happen for us to get up to the right amount. And in previous years or in the earlier years private sector had really been leading the charge and was doing the heavy lifting. Obviously that wasn't working well enough. We're not where we need to be now. We are finally seeing some support from policymakers, from lawmakers and we do see a really good model of an ecosystem in Europe where you have legislation, you have regulations working to coordinate the efforts of not just governments but also issuers and investors together.

We have a set of standard reporting that shows clients the overall ESG attributes of their portfolios, like their ESG quality, things like carbon intensity, but depending on the clients interest and level of sophistication. We also have reports that show how well their portfolio is aligned with the United Nations sustainable Development goals or the SDGs. And that would include things like their allocation to ESG labeled bonds like green bonds or sustainably linked bonds.. And then we have a lot of customized reporting for different sustainability focused clients because what they focus on can be very detailed and it can be very particular.

And both Fannie Mae and Freddie Mac have now started pulling not just green mortgages, but also mortgages with social impact. And both of those agencies are making a lot of efforts to respond to growing demand from investors for more sustainably focused issuance. And they're providing more social disclosures in particular to help investors select collateral that helps them to meet their objectives.. So we're taking those attributes into account as they're coming out and using them also as a tool to select investments with positive impact for clients that want that.

So when we're looking at these types of securities, MBS and ABS, we look at those use of proceeds, we're looking at the collateral, we're also looking at the issuer and the servicer of that collateral. And then we look at both of those facets and we make an assessment of what are the ESG risks and what are the opportunities, and we come up with an ESG rating. So if we talk in particular about agency mortgage backed securities, we think they're generally positive from a social perspective.

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My name is Alec Crawford and this is STAY. A podcast about Sustainability, Technology, Artificial Intelligence, and YOU! I am discussing these issues with high profile guests in these fields every few weeks to give you important information that goes deeper than other sources. Find out answers to questions like can AI save the planet? How environmental social and government focused investing affects you, and how we can build a better, sustainable future together

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