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"Standard and Poor's warned clients that the risk of cancellations or delays for existing and future nuclear projects has increased as a result of the situation in Japan." (See http://www.reuters.com/article/2011/03/14/us-nrg-nuclear-idUSTRE72D7VH20110314.
"'The severe nuclear incident in Japan has put a global nuclear renaissance into question,' Bernstein International analyst Alex Barnett said in a rese
"Standard and Poor's warned clients that the risk of cancellations or delays for existing and future nuclear projects has increased as a result of the situation in Japan." (See https://www.reuters.com/article/2011/03/14/us-nrg-nuclear-idUSTRE72D7VH20110314.
"'The severe nuclear incident in Japan has put a global nuclear renaissance into question,' Bernstein International analyst Alex Barnett said in a research note." (See https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/nuclear-renaissance-melts-down-over-japan-disaster/article1941961/<
"Bank Of America Merrill Lynch's Steve Fleishman cuts ratings on Entergy Corp. (ETR) and Scana Corp. (SCG) to underperform from neutral: 'While the Japan nuclear event has implications for all U.S. nuclear plants [including] the risk of delay or higher cost as part of approvals for new nuclear plants (SCG, Southern Co. (SO)) as well as relicensing of existing plants (ETR); public concern on nuclear plants located in earthquake-prone areas (PG&E Corp. (PCG), Edison International (EIX)); and overall higher costs for non-regulated nuclear plants (Exelon Corp. (EXC)), which the owners have to absorb. NRG Energy Inc. (NRG), however, could benefit from increased potential that new nuclear goes away.'" (See https://online.wsj.com/article/BT-CO-20110314-710773.html.)
"BMO Capital Markets' Michael S. Worms cuts Entergy to market perform from outperform: 'Relicensing approval of Vermont Yankee by the Vermont legislature has long been in question; however, we believe concerns relative to the nuclear issues currently facing Japan could be the final blow.' (See https://online.wsj.com/article/BT-CO-20110314-710773.html.)
"Some industry analysts, however, have already begun predicting the (South Texas Project) expansion's demise -- and are describing it as a favorable financial prospect for NRG. Others say the Japanese disaster is practically irrelevant. 'This almost doesn't change the fact that new nuclear looks to be a bad investment,' said Paul Fremont, a managing director at Jeffries and Company, an industry analyst. 'Constellation (Energy) walked away and said keep your loan guarantee, it's not economic to build.' (See https://www.chron.com/disp/story.mpl/business/7472339.html.)
"Given the lower overall probability of [South Texas Project] (expansion),' UBS Utilities said in an analyst report Monday, 'we see positive implications for NRG shares.' Others think ongoing efforts to stop the expansion from being licensed could prevail. (See https://www.mysanantonio.com/news/energy/article/CPS-Energy-suspends-talk-about-nuclear-expansion-1128743.php.)
"Analysts at Moody's said the Japanese nuclear problems create 'uncertainty' for the NRG expansion project, but abandoning the project would be a positive for the company due to uncertainty over its cost." (See https://www.reuters.com/article/2011/03/14/us-nrg-nuclear-idUSTRE72D7VH20110314.)
"For NRG Energy we think the potential added pressure could be the end of its nuclear loan guarantee award from the Department of Energy for STP (units) 3 and 4 in Texas which could cause a write-off in the short term, but would be likely positive in the long-term,' Barclays wrote in a note to clients." (See https://www.reuters.com/article/2011/03/14/us-nrg-nuclear-idUSTRE72D7VH20110314.)
Palisades Hudson Financial Group: "... the fact remains that any accident at a nuclear power plant carries the risk of catastrophic long-term consequences. There are many other ways to generate electricity, and none of them create the potential for cataclysm, or the need to quarantine their byproducts for centuries.If we honestly accounted for the true costs of nuclear power, there is a very good chance we would conclude that it does not make sense for anything other than submarines and spacecraft." (See https://palisadeshudson.com/2011/03/obama-energy-policy-lies-in-japans-rubble/.)
"While Washington D.C. is still sticking by the defense of nuclear power, anything tied to nuclear power is getting crushed all over again today. PowerShares Global Nuclear Energy (NYSE: PKN) fell 11.5% yesterday and the ETF is indicated down around $18.35 this morning. iShares S&P Global Nuclear Energy Index (NASDAQ: NUCL) saw an 8% drop yesterday and is also indicated lower. The Global X Uranium ETF (NYSE: URA) is down another 10% at $14.15 this morning. US-based centrifuge player USEC Inc. (NYSE: USU) was also down 11% Monday and shares are indicated down 9.8% this morning. Canadian uranium miner Cameco Corp. (NYSE: CCJ) was down 12.7% Monday and shares are indicated down another 12% at $28.65 this morning. Shaw Group Inc. (NYSE: SHAW) is a manufacturer of nuclear and other power plants, and its shares were down 9.2% Monday. The stock is getting another fire sale with shares indicated down 9% more at $31.70 in pre-market trading. Uranium Resources, Inc. (NASDAQ: URRE) fell a whopping 25% on Monday and shares are getting clipped by another 17% at $1.45 in early Tuesday pre-market trading." (See Nuclear Power Gets Killed All Over Again, Japan-Watch (PKN, NUCL, URA, USU, CCJ, SHAW, URRE, GE) - 24/7 Wall St.https://247wallst.com/2011/03/15/nuclear-power-gets-killed-all-over-again-japan-watch-pkn-nucl-ura-usu-ccj-shaw-urre-ge/#ixzz1GgO4S7Fz.)
"'Toshiba said they wanted to put a lot of focus on nuclear power,' said Yuuki Sakurai, CEO of Fukoku Capital Management. 'It's not so much a problem with a particular manufacturer, it's about the whole issue of safety, but firms that have put a lot of emphasis on nuclear power will suffer corresponding damage.'" (See https://www.reuters.com/article/2011/03/15/us-japan-quake-toshiba-idUSTRE72E1H220110315.)
"Matthew Zylstra, analyst with Northern Securities, noted major uranium producing companies such as Cameco Corp. (-12.7%), Uranium One Inc. (-27.7%) and Denison Mines Corp. (-22.3%) all took major hits in trading on Monday 'With the general decline in most commodity stocks, which has brought down valuations, we think there might be an opportunity in some of the coal names as investors shift out of 'risky' sources of energy and into coal,' he said in a note." (See https://business.financialpost.com/2011/03/15/coal-stocks-gain-on-uranium-woes.)
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"President Biden and the Democratic Party should know the passage of this negotiation is the type of harmful decision that makes our generation feel disillusioned and defeated," said the Sunrise Movement's leader.
As the U.S. House of Representatives prepared to vote on President Joe Biden's debt limit deal with GOP negotiators Wednesday evening, the youth-led Sunrise Movement warned Democrats that the so-called Fiscal Responsibility Act could have a major impact on the 2024 elections.
"When we're knocking on doors and on college campuses, we constantly hear young people in our generation feel like the government doesn't work for them," said Sunrise Movement executive director Varshini Prakash in a statement. "This debt ceiling deal tells these young people that the U.S. will keep polluting our air and water by approving the Mountain Valley Pipeline, that our government will make life harder for working people, and that our system values billionaires over students."
"Democrats must stop the Mountain Valley Pipeline and achieve their climate goals if they want to energize Gen Z to get out and vote in 2024."
While the proposal would suspend the debt ceiling until 2025, in addition to greenlighting the contested gas pipeline, it would freeze nonmilitary spending, impose new work requirements for federal aid like the Supplemental Nutrition Assistance Program (SNAP), resume student loan repayments, controversially reform permitting for energy projects, and repeal some funding intended to help the Internal Revenue Service crack down on rich tax cheats.
"President Biden and the Democratic Party should know the passage of this negotiation is the type of harmful decision that makes our generation feel disillusioned and defeated about the state of our politics," Prakash warned Wednesday.
"Building new fossil fuel infrastructure right after the approval of the Willow project is politically and morally dangerous, but it's not too late to fix this," the climate activist continued, referring to ConocoPhillips' oil development in Alaska. "Democrats must stop the Mountain Valley Pipeline and achieve their climate goals if they want to energize Gen Z to get out and vote in 2024."
\u201cThe GOP doesn\u2019t have the votes they need to pass this deal. If Democrats hold the line, we can stop it.\n\nTell Dems to vote for a clean debt ceiling deal \u27a1\ufe0f https://t.co/PmR7HGH6F1\u201d— Sunrise Movement \ud83c\udf05 (@Sunrise Movement \ud83c\udf05) 1685464612
Last year, as Common Dreamsreported at the time, young voters played a key role in preventing a "red wave" that political pollsters and pundits anticipated based on previous midterm elections, helping Democrats secure major congressional and gubernatorial victories as well as advancing a variety of progressive ballot measures.
Biden is seeking reelection next year and former President Donald Trump is leading polls for the GOP primary, followed at a distance by Florida Gov. Ron DeSantis. There will also be fierce battles for both chambers of Congress—currently, the fractured Republican Party holds a slim House majority, and Democrats control the Senate but lack enough votes to defeat filibusters.
Since Biden and House Speaker Kevin McCarthy (R-Calif.) finalized their deal over the weekend—after Republicans refused to vote on a clean debt ceiling hike, despite U.S. Treasury Secretary Janet Yellen's warnings of an economically catastrophic default by June 5—a growing number of progressive lawmakers have come out against the White House's compromise.
As Common Dreams reported earlier Wednesday, Rep. Raúl Grijalva (D-Ariz.) decried the GOP's "reckless hostage-taking" and highlighted that "House Republicans raised the debt ceiling with no preconditions three times under the Trump administration."
Other House progressives who have made their opposition to the Fiscal Responsibility Act clear include Reps. Jamaal Bowman (D-N.Y.), Cori Bush (D-Mo.), Ro Khanna (D-Calif.), Alexandria Ocasio-Cortez (D-N.Y.), and Pramila Jayapal (D-Wash.), who chairs the Congressional Progressive Caucus (CPC).
"Tonight I'll be voting NO on Republicans' hostage bill that maliciously weaponized the debt limit. I came to Congress to stand up for our NY-16 community, kids, and families, but this austerity bill will only end up hurting the people I came here to fight for," Bowman said. "This bill will make the poor poorer, hungrier, and sicker, while further enriching the rich through the prison, fossil fuel, and military-industrial complex."
\u201c"...I cannot, in good conscience, vote for a bill that makes it easier for fossil fuel companies to pollute and destroy the planet by fast-tracking the disastrous Mountain Valley Pipeline."\n\nThank you for standing up for our generation, @SenSanders.\u201d— Sunrise Movement \ud83c\udf05 (@Sunrise Movement \ud83c\udf05) 1685562682
After U.S. Sen. Bernie Sanders (I-Vt.) came out against the bill on Wednesday, other progressives in the upper chamber joined him—including Sen. Ed Markey (D-Mass.), who tweeted that "I will not support a deal to fast-track dirty fossil fuel projects at the expense of environmental justice. I will not give polluters a Get Out of Jail Free card. I will vote NO on the default deal."
"Republicans racked up trillions in debt under Trump and would now rather deprive struggling families of food and financial security than ask the wealthy to pay their fair share in taxes," Markey added, as Republican lawmakers plan to unveil a tax proposal that would further serve rich individuals and corporations.
Sen. Jeff Merkley (D-Ore.) also came out against the bill. Along with detailing his critiques of several provisions in a lengthy statement, he warned that "yielding to this blackmail only guarantees that Republicans will use the debt limit to hold America hostage time and time again."
"Today looks like it might be the start of a new chapter in Amazon's history," one organizer of the nationwide protest remarked optimistically.
More than 1,000 Amazon corporate workers and allies rallied outside the e-commerce giant's Seattle headquarters on Wednesday to protest the company's return-to-work policy and what they called its failure to fulfill its climate pledge.
Sign and chant slogans during the Seattle lunchtime rally—which was organized by Amazon Employees for Climate Justice and Amazon's Remote Advocacy group—included "Amazon: Strive Harder," "Stop Greenwashing," and "Hell No, RTO,"—a rebuke of a mandate from Amazon CEO Andy Jassy to return to the office at least three days per week.
"Morale is the lowest I've seen since I've been working here," one Seattle-based employee who did not want to be named and has worked for the company since 2020 told Wired.
This year, Amazon terminated 27,000 workers, layoffs that mirrored cost-cutting sackings at other tech companies that overhired during the Covid-19 pandemic.
\u201cHundreds of corporate employees at the #Amazon walkout underway at the Spheres in South Lake Union. Workers calling out leadership for the return-to-office mandate and failure to reduce carbon footprint\u201d— Jackie Kent (@Jackie Kent) 1685560576
At least hundreds of other Amazon corporate employees and their supporters took part in similar demonstrations outside company offices around the nation on Wednesday, according to reports.
"Today looks like it might be the start of a new chapter in Amazon's history, when tech workers coming out of the pandemic stood up and said, 'We still want a say in this company and the direction of this company,'" Eliza Pan, a former Amazon corporate employee and a co-founder of Amazon Employees for Climate Justice, toldThe Associated Press.
\u201cThanks to everyone who showed up to make #AmazonWalkout a success!\u201d— Amazon Employees For Climate Justice (@Amazon Employees For Climate Justice) 1685559893
Amazon spokesperson Brad Glasser told Wired that "we're always listening and will continue to do so, but we're happy with how the first month of having more people back in the office has been."
"There's more energy, collaboration, and connections happening, and we've heard this from lots of employees and the businesses that surround our offices," he added.
However, Church Hindley, an Amazon quality assurance engineer, told the AP that working from home has improved his health and quality of life.
"I'm not suited for in-office work," Hindley said. "I deal with depression and anxiety, and I was able to get off my anxiety medication and start living my life."
\u201cMessages in the crowd at the Amazon walkout in Seattle.\u201d— Kurt Schlosser (@Kurt Schlosser) 1685563537
Pamela Hayter, an Amazon project manager, started the "Remote Advocacy" internal Slack channel, which now has 33,000 members.
During the Seattle rally, Hayter slammed the return-to-office mandate, saying, "I cannot believe that a company in this day and age, a company that claims to be an innovative leader in its space, would do that to one of its most precious resources—its employees."
"Total employment in the nationwide U.S. energy sector could double or even triple by 2050 to meet the demand for wind turbines, solar panels, and transmission lines," according to a new study.
Achieving net-zero greenhouse gas emissions in the United States by mid-century would lead to a net increase in energy-related employment nationwide, and Republican-voting states whose leaders have done the most to disparage climate action would see the largest growth in green jobs.
That's according to research published in the latest issue of the peer-reviewed journal Energy Policy. The new study, summarized Tuesday by Carbon Brief, undercuts the old right-wing canard that environmentally friendly policies are inherently bad for workers.
Four academics led by Dartmouth College engineering professor Erin Mayfield found that shifting to a net-zero economy could create millions of jobs in low-carbon sectors—enough to "offset" losses in the declining fossil fuel industry, not only in the aggregate but also in most dirty energy-producing states, which tend to be GOP strongholds.
"Total employment in the nationwide U.S. energy sector could double or even triple by 2050 to meet the demand for wind turbines, solar panels, and transmission lines," Carbon Brief reported. Such growth in clean power generation and dissemination "would outweigh losses in most of the country's fossil fuel-rich regions, as oil, coal, and gas operations close down."
The study adds to mounting evidence that so-called "red" states now dominated by Republicans and fossil fuel interests—including particularly sunny and windy ones like Oklahoma, Texas, and Wyoming—stand to reap the biggest rewards from the green industrial policy provisions in the Inflation Reduction Act passed by congressional Democrats and signed into law by President Joe Biden last year.
At the same time, the authors acknowledge that some GOP-controlled dirty energy-producing states, such as North Dakota, are likely to see net decreases in energy sector employment, and they stress that "many communities will still require help to ensure a 'just transition' away from fossil fuels," as Carbon Brief noted.
In their paper, Mayfield and her three co-authors—Jesse Jenkins, Eric Larson, and Chris Greig, all of whom work at Princeton University—estimate how energy-related employment in the U.S. would change depending on different emission reduction contexts.
To simulate "labor market pathways of large-scale, low-carbon energy-supply infrastructure development," the team developed the Decarbonization Employment and Energy Systems (DEERS) model, which combines myriad economic and energy data, and then applied it to four alternative scenarios from the 2021 Net-Zero America report they were all involved in writing.
The transition scenarios, which assume varying levels of electrification and renewable energy supply, are as follows:
The authors expect overall energy sector employment to climb in all four scenarios, although net job gains are limited under E+ RE- conditions in which the deployment of renewables is constrained.
"We find that a net-zero transition supports an annual average of approximately 3 million direct energy jobs or $200 billion in wages during the first decade, and approximately 4-8 million direct energy jobs or $200-500 billion during the 2040s," they wrote. "The modeled supply-side energy workforce represents 1.5% of the total U.S. labor force in 2020, increasing to 2.5-5% by mid-century."
As Carbon Brief reported: "The number of energy-related jobs roughly doubles in both the 'high electrification' (E+) and 'less-high electrification' (E-) scenarios, which focus on the extent to which transport and buildings are electrified by 2050. The largest growth is seen in the E + RE+ scenario, which features high electrification and a 100% renewable power system by 2050."
"Notably, the research finds that many fossil fuel jobs would have been lost even in the absence of new climate policy," the outlet noted. "It suggests there would be a drop of one-third by 2050, as coal and gas are driven out of the market by cheaper wind and solar."
According to Mayfield and her colleagues, "In most states, job losses in declining fossil fuel sectors are offset by an increasing number of energy jobs in low-carbon sectors."
Carbon Brief observed that "this is particularly evident in Republican-voting states, which have larger energy workforces. In the E+ scenario, these states would lose around 700,000 fossil fuel jobs but gain 1.7 million low-carbon energy jobs between 2025 and 2050."
The outlet created a chart to visualize the paper's projection of rising energy-related employment under the E+ scenario in "red" states that voted for former President Donald Trump in 2020 and "blue" states that backed Biden.
In their paper, Mayfield and her colleagues cite the example of Texas, a GOP stronghold that is simultaneously the nation's top fossil fuel-producing state and its top generator of electricity from wind and solar.
As Carbon Brief pointed out:
By 2025 in the E+ scenario, around 480,000 of the state's 660,000-strong energy workforce are employed in the fossil fuel sector, more than 72% of the total. Within 25 years, many of these jobs would be lost as the number of fossil fuel employees falls to 123,000.
Yet the state would still see a big uptick in energy sector employment by 2050. The modeling suggests Texas would have around 778,000 energy jobs in 2050, with around 84% employed in low-carbon industries.
Despite this, Inside Climate News reported last month that Texas Republicans recently introduced legislation "intended to punish renewable energy and boost fossil fuels, including a measure that would increase the amount of gas-fired electricity generated by the state by upwards of 10 gigawatts and one that would limit the development of renewable energy in the state based on how much natural gas generation is also being built."
For decades, Republicans have couched their opposition to climate policies in the language of protecting the jobs of fossil fuel workers. In many cases, GOP candidates perceived to be defending the interests of dirty energy-producing communities have been rewarded by voters in those localities.
While Trump's stated support for coal workers benefited him politically in 2016, employment in the sector still fell by a quarter during his reign. Biden, by contrast, has made clear that "creating jobs and tackling climate change go hand in hand."
Evidence is growing that the clean energy transition is poised to be a major job-creator rather than a job-killer as suggested by right-wing lawmakers.
It remains to be seen whether the political allegiances of fossil fuel workers—who have previously expressed interest in moving into the green sector—will change to reflect the fact that Democrats, not Republicans, are most aggressively fighting to boost energy sector employment.
Of course, there are other important factors to consider in addition to the quantity of low-carbon jobs created, as the authors of the paper acknowledge. The quality of green sector work—whether it is unionized and high-paying, for instance, or precarious and poorly remunerated—will play a large role in determining public support for the shift to renewables.