Environmental activists who are against all fossil fuels often accuse their opponents of being “climate deniers”. They claim a scientific basis for their often extreme views, asserting that rejecting their solutions for climate change is to reject science.
In fact, the Green New Deal (GND) and its supporters use science selectively to support their objectives and reject science where it suits them. The GND has been widely criticized for its extreme and implausible call for the elimination of fossil fuels (the House resolution calls for, “eliminating pollution and greenhouse gas emissions as much as technologically feasible” (italics added). Note there’s no mention of economic feasibility or any consideration of cost/benefit tradeoffs. It seeks, within a decade, “meeting 100 percent of the power demand in the United States through clean, renewable, and zero-emission energy sources” which isn’t technologically feasible today, and certainly is economically implausible.
The GND also threw in a socialist economic agenda, including a Federal job guarantee. Its critics seem far more numerous than its supporters, and include us (see The Bovine Green Dream).
Any serious effort to limit Greenhouse Gases (GHGs) must incorporate nuclear energy. The GND House resolution is silent on the topic. The infamous FAQ document that was released and then disowned by Bronx Congresswoman Alexandra Ocasio Cortez (AOC) called for decommissioning nuclear power.
The scientific evidence supporting greater use of nuclear energy is strong. The world has built a powerful safety record. Accidents at Three Mile Island (1979), Chernobyl (1986) and Fukushima (2011) promote widespread public fear of nuclear reactors. But per Kilowatt Hour (kWh) of energy produced, the European Union and the Paul Scherrer Institute, the largest Swiss national research institute, found that nuclear power is safer than coal, oil, gas and even (by a slight margin) wind as a cause of deaths.
Coal power stations, for example, expose the public to nuclear radiation because coal ash typically contains uranium. The journal Science noted that living near coal-fired power stations exposed people to higher radiation doses than experienced living near nuclear power plants.
Because a nuclear accident carries such potential for devastation, the industry has developed a culture of redundant safety and continual improvement. Knowledge is widely shared within the industry globally, and the record bears this out.
A nuclear incident provokes images of Hiroshima, with enormous loss of human life and widespread radioactive contamination. But nuclear physicists argue, with plenty of evidence, that the process by which nuclear energy is harnessed doesn’t involve this risk. Apparently, during the Cold War neither Russia nor the U.S. targeted the other’s nuclear power plants because the likely damage would be modest.
The main risk with a nuclear accident is the release of radiation. Any death is tragic, but all energy production carries risks and a dispassionate analysis must consider the benefits and risks of any fuel source in combination.
Those who claim to care about climate change but reject increased use of nuclear power are rejecting science. Mike Shellenberger, who writes thoughtfully about such issues, has said, “The problem with nuclear is that it doesn’t demand the radical re-making of society, like renewables do, and it doesn’t require grand fantasies of humankind harmonizing with nature.”
Radioactivity occurs naturally all over the world. Embracing sunlight and wind as more natural than uranium is a belief system but isn’t a scientific solution to meeting the world’s need for power.
The GND has probably set back serious efforts to address climate change, because its wild extremism shows its supporters to be more interested in demagoguery than solutions. It may fire up a minority, but it betrays little interest in debate.
The Sierra Club, which also opposes nuclear energy, continues to work against any fossil fuels. Over the last decade, the U.S. has achieved a greater reduction in CO2 emissions than any other country (see Guess Who’s Most Effective at Combating Global Warming) because of power plants switching from coal to natural gas.
AOC’s hypocrisy is on full display, as she shuns the New York subway and defends her frequent Uber use: “Living in the world as it is isn’t an argument against working towards a better future.” The GND’s main author lives Animal Farm egalitarianism (“some…are more equal than others”).
At SL Advisors, we are helping finance America’s use of cleaner fossil fuels like natural gas in favor of coal, which we avoid. We are doing our bit to lower GHGs and make a better planet. We’re doing more than the Sierra Club, AOC or the GND supporters, because we’re focused on solutions that are effective today. The debate about climate change would benefit from more scientific rigor.
SL Advisors is the sub-advisor to the Catalyst MLP & Infrastructure Fund. To learn more about the Fund, please click here.
SL Advisors is also the advisor to an ETF (USAIETF.com)
The information provided is for informational purposes only and investors should determine for themselves whether a particular service, security or product is suitable for their investment needs. The information contained herein is not complete, may not be current, is subject to change, and is subject to, and qualified in its entirety by, the more complete disclosures, risk factors and other terms that are contained in the disclosure, prospectus, and offering. Certain information herein has been obtained from third party sources and, although believed to be reliable, has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation is made with respect to the accuracy, completeness or timeliness of this information. Nothing provided on this site constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This site is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.
References to indexes and benchmarks are hypothetical illustrations of aggregate returns and do not reflect the performance of any actual investment. Investors cannot invest in an index and do not reflect the deduction of the advisor’s fees or other trading expenses. There can be no assurance that current investments will be profitable. Actual realized returns will depend on, among other factors, the value of assets and market conditions at the time of disposition, any related transaction costs, and the timing of the purchase. Indexes and benchmarks may not directly correlate or only partially relate to portfolios managed by SL Advisors as they have different underlying investments and may use different strategies or have different objectives than portfolios managed by SL Advisors (e.g. The Alerian index is a group MLP securities in the oil and gas industries. Portfolios may not include the same investments that are included in the Alerian Index. The S & P Index does not directly relate to investment strategies managed by SL Advisers.)
This site may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward-looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involves a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward-looking statements or examples. None of SL Advisors LLC or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward-looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made. r
Certain hyperlinks or referenced websites on the Site, if any, are for your convenience and forward you to third parties’ websites, which generally are recognized by their top level domain name. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with SL Advisors LLC with respect to any linked site or its sponsor, unless expressly stated by SL Advisors LLC. Any such information, products or sites have not necessarily been reviewed by SL Advisors LLC and are provided or maintained by third parties over whom SL Advisors LLC exercise no control. SL Advisors LLC expressly disclaim any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites.
All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be suitable or profitable for a client’s investment portfolio.
Past performance of the American Energy Independence Index is not indicative of future returns.