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BFD Expert Voices - Climate Deals

BFD Expert Voices

On-demand around-the-clock power, the kind that an advanced nuclear reactor can provide, is the only way to decarbonize the world's electric grids, Bill Gates tells Axios.

Why it matters: The Microsoft co-founder has invested more than $1 billion in reactor developer TerraPower to build a new type of American nuclear energy.

State of play: "We should build as much wind and solar as we can. But the theory that you're going to be moving power across the entire country — we'll never build a grid that is massive enough," Gates says.

He talked with Axios last week, as he prepared to fly to London for a summit organized by Breakthrough Energy, an investment and policy group he founded to drive clean energy research and deployment.

This interview was lightly edited for length.

Why have you felt it's important to continue investing in technologies that have yet to be proven, when there's the opportunity to instead put that money toward existing technology?

"You need some energy near to where the demand is that's not weather-dependent.

Look at a place like Japan. There's not enough wind or solar there. So what are people saying Japan should do? Not be green? Depend on another country for their electricity? If we don't have fission or fusion, we won't achieve our climate goals."

Transmission is the other side of this equation. What do you see as your role in not only developing better transmission, but clearing backlogs that have hamstrung transmission projects?

"We have two companies in the portfolio that allow you to run twice as much electricity over an existing right-of-way. We fund a philanthropic team that looks at these grid issues and helps with policy. Streamlining regulation and better grid modeling — we've been acting on that for a long time."

Do you see yourself taking a more visible role in policy?

"I doubt I'm going to personally write the FERC regulations. But I've been highlighting the grid as a problem even before we started Breakthrough Energy. 

I've met with utilities. I've met with EEI. We're getting models to predict reliability and working with anybody who's interested in speeding up connections and right-of-way approvals. So we're doing our best. 

The U.S. is falling behind renewable installations quite substantially, and the grid bottlenecks are the No. 1 reason."

You've mentioned how nuclear energy is a rare area of bipartisan support. Is there a point where you see either you or Breakthrough Energy having to take harder political stances to clear policy or transmission logjams?

"I don't think the U.S. will ever lead on climate change if we're only making progress when one party's in power. It's important to be working with people from both parties.

When I was in D.C. last week, I saw an equal number of people. There are issues like innovation, or allowing more to get built, or bringing prices down, or energy security, that do pull people together. A lot of IRA-related projects are being built in red states. 

We're not a partisan organization. We won't become a partisan organization, because I don't think that serves the goal of getting people to make 30-year investments."

Do you feel the U.S. has the tools it needs at this point to do the kind of nuclear buildout that you are seeking for TerraPower?

"The U.S. in terms of innovation of these technologies has always been the world leader. China is building way more reactors than in any other country. And when it comes to major projects, they're biased towards actually building.

Hopefully, to the benefit of the world, there'll be competition as they move from third-generation to new reactors. I think the U.S. can stay ahead on this. We need our partner, the federal government, to do its part. They did create the Advanced Reactor Demonstration Project bill. TerraPower competed and was chosen for that, and we're full speed ahead.

I'm hopeful. In the same way that the U.S. went from being the most expensive space-launch country to the least expensive, likewise nuclear energy, we just commissioned the world's most expensive nuclear plant. I'm hoping that TerraPower unit 10 is the world's least expensive nuclear plant."

Bill Gates says nuclear power is the only way to fully decarbonize grids

The billionaire talks nuclear power and staying nonpartisan.

Photo illustration of Bill Gates with an image of a nuclear power plant and abstract shapes.

Photo illustration: Gabriella Turrisi. Photo: Thierry Monasse/Getty Images

Bill Gates

Photo illustration: Gabriella Turrisi. Photo: Thierry Monasse/Getty Images.

On-demand around-the-clock power, the kind that an advanced nuclear reactor can provide, is the only way to decarbonize the world&#x27;s electric grids, <a class="gtmContentClick" data-vars-link-text="Bill Gates" data-vars-click-url="https://www.axios.com/2023/12/19/bill-gates-letter-ai-innovation-2024" data-vars-content-id="1a4373eb-8dce-4924-91f9-ca11e9a3b29c" data-vars-headline="Bill Gates says nuclear power is the only way to fully decarbonize grids" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/12/19/bill-gates-letter-ai-innovation-2024" target="_self">Bill Gates</a> tells Axios.Why it matters: The Microsoft co-founder has invested more than $1 billion in reactor developer TerraPower to build <a class="gtmContentClick" data-vars-link-text="a new type" data-vars-click-url="https://www.axios.com/pro/climate-deals/2024/04/04/terrapower-next-nuclear-reactor" data-vars-content-id="1a4373eb-8dce-4924-91f9-ca11e9a3b29c" data-vars-headline="Bill Gates says nuclear power is the only way to fully decarbonize grids" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/climate-deals/2024/04/04/terrapower-next-nuclear-reactor" target="_self">a new type</a> of American nuclear energy.

Bill Gates says nuclear power is the only way to fully decarbonize grids

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