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Sunday, May 19, 2024

ABAC seeks financing collaboration for nuclear energy

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The APEC Business Advisory Council (ABAC) on Tuesday called for collaboration with APEC economies and partners to finance the construction of sustainable nuclear power plants to reduce costs and increase efficiency.

“A comprehensive review and analysis of current regulatory standards and requirements are essential to mitigate nuclear energy risks and ensure the highest safety standards. And providing incentives for cleaner energy sources, coupled with stable policies, long-term contracts, and larger commitments, is crucial for developing a robust nuclear supply chain,” ABAC vice chair for sustainable growth working group and Aboitiz Group president and chief executive Sabin Aboitiz said in a statement.

Aboitiz addressed business leaders from the 21 APEC economies during the ABAC IV meetings prior to the APEC leaders dialogue in San Francisco.

Aboitiz presented the outcomes of ABAC’s 2nd virtual round-table discussion (RTD) on nuclear energy.

The RTD, which was co-convened by ABAC Philippines and ABAC Canada and participated by experts in the field, recognized that the shift to nuclear energy requires stable policies to attract necessary investments.

Aboitiz said collaboration with APEC economies that already have robust nuclear deployment systems was another focal point of the discussion.

He said that by leveraging the expertise and infrastructure of these economies, the nuclear power supply chain can be strengthened and emerging nuclear economies can facilitate the development of their own expertise and infrastructure.

Aboitiz said the future of nuclear power hinges on the public’s acceptance and understanding, and that building trust and guaranteeing safety and responsibility in the use of nuclear energy are of paramount concern.

“We need to build trust and guarantee the safe and responsible use of nuclear energy,” he said.

Aboitiz said there is a need for long-term investments and collaborative strategies between the public and private sectors to ensure nuclear energy is harnessed as a viable and efficient power mixed-source.

“To attract financing for nuclear power plants, there is a need for sound and stable energy policies that instill confidence in investors,” said Aboitiz.

The panelists also advocated for the standardization of reactor designs and the establishment of common supply chains scalable across APEC economies.

This approach seeks to streamline the transition process, creating a more efficient and cost-effective nuclear power supply chain.

Aboitiz said also the country’s the diverse energy requirements and geographical constraints of different regions will be addressed by an assorted portfolio of nuclear reactor technologies, encompassing small nuclear reactors, micro modular reactors, and large-scale power plants.

Aboitiz said the future of nuclear power hinges on the public’s acceptance and understanding, and that building trust and guaranteeing safety and responsibility in the use of nuclear energy are of paramount concern.

APEC leaders established ABAC in 1995 to provide a private sector perspective towards achieving free and open trade and investments in the Asia Pacific region (Bogor goals).

ABAC members representing the Philippines are Aboitiz, Tomas Alcantara, ABAC Philippines char, Joanne de Asis, Globe Capital Partners LLC chair, Francis Chua, Founding chair of the International Chamber of Commerce, Philippines (ICCP), and Liveable Cities Challenge chair Guillermo Luz.

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