Category: Economics of Technology

Before Co-founding “Colossal” Private For-Profit Firm, George Church “Was Planning on Slogging Along at a Slow Pace” in Academia

Harvard Professor George Church chooses to pursue his bold dream of bringing wooly mammoths back to life through a private firm rather than through a nonprofit organization or an educational institution. Is that because nimble innovation is less constrained in a private for-profit firm?

(p. D3) A team of scientists and entrepreneurs announced on Monday that they have started a new company to genetically resurrect the woolly mammoth.

The company, named Colossal, aims to place thousands of these magnificent beasts back on the Siberian tundra, thousands of years after they went extinct.

“This is a major milestone for us,” said George Church, a biologist at Harvard Medical School, who for eight years has been leading a small team of moonlighting researchers developing the tools for reviving mammoths. “It’s going to make all the difference in the world.”

. . .

The idea behind Colossal first emerged into public view in 2013, when Dr. Church sketched it out in a talk at the National Geographic Society.

. . .

Russian ecologists have imported bison and other living species to a preserve in Siberia they’ve dubbed Pleistocene Park, in the hopes of turning the tundra back to grassland. Dr. Church argued that resurrected woolly mammoths would be able to do this more efficiently. The restored grassland would keep the soil from melting and eroding, he argued, and might even lock away heat-trapping carbon dioxide.

Dr. Church’s proposal attracted a lot of attention from the press but little funding beyond $100,000 from PayPal co-founder Peter Thiel.

. . .

“Frankly, I was planning on slogging along at a slow pace,” Dr. Church said. But in 2019, he was contacted by Ben Lamm, the founder of the Texas-based artificial intelligence company Hypergiant, who was intrigued by press reports of the de-extinction idea.

Mr. Lamm visited Dr. Church’s lab, and the two hit it off. “After about a day of being in the lab and spending a lot of time with George, we were pretty passionate on pursuing this,” Mr. Lamm said.

Mr. Lamm began setting up Colossal to support Dr. Church’s work, all the way from tinkering with DNA to eventually placing “a functional mammoth,” as Dr. Hysolli calls it, in the wild.

The company’s initial funding comes from investors ranging from Climate Capital Collective, an investment group that backs efforts to lower carbon emissions, to the Winklevoss twins, known for their battles over Facebook and investments in Bitcoin.

. . .

Heather Browning, a philosopher at the London School of Economics, said that whatever benefits mammoths might have to the tundra will need to be weighed against the possible suffering that they might experience in being brought into existence by scientists.

“You don’t have a mother for a species that — if they are anything like elephants — has extraordinarily strong mother-infant bonds that last for a very long time,” she said. “Once there is a little mammoth or two on the ground, who is making sure that they’re being looked after?”

And Colossal’s investors may have questions of their own: How will these mammoths make any money? Mr. Lamm predicted that the company would be able to spin off new forms of genetic engineering and reproductive technology.

“We are hopeful and confident that there will be technologies that come out of it that we can build individual business units out of,” Mr. Lamm said.

For the full story see:

Carl Zimmer. “MATTER; A Company Aims to Restock the Woolly Mammoth.” The New York Times (Tuesday, September 14, 2021 [sic]): D3.

(Note: ellipses added.)

(Note: the online version of the story was updated Sept. 30 [sic], 2021 [sic], and has the title “MATTER; A New Company With a Wild Mission: Bring Back the Woolly Mammoth.”)

Successes of Thiel’s Entrepreneurial Anti-College Fellowships Undermine Veneration of Higher Ed

Gary Becker won the Nobel Prize in part for his work as a founder of the study of the economics of human capital. One common finding of the field is that investment in higher education has a high rate of return. So Becker was puzzled when his own grandson pondered skipping college in order to directly become a technology entrepreneur.

I speculate that information technology will make it increasingly easy for autodidacts to learn on their own what they need to know, whenever they need to know it. I further speculate that formal education, especially formal higher education, will wither into irrelevance, just as the Post Office has withered in the face of email and Amazon.

(p. B4) Peter Thiel is trying harder than ever to get young people to skip college.

Since 2010, Thiel, an early Facebook investor and a founder of PayPal Holdings, has offered to pay students $100,000 to drop out of school to start companies or nonprofits.

. . .

Some big successes include Vitalik Buterin, co-founder of Ethereum, the blockchain network; Laura Deming, a key figure in venture investing in aging and longevity; Austin Russell, who runs self-driving technologies company Luminar Technologies; and Paul Gu, co-founder of consumer lending company Upstart.

When he began his fellowship, Thiel, a vocal libertarian who was an active supporter of Donald Trump in 2016, was disenchanted with leading colleges and convinced they weren’t best suited for many young people.

His aim, at least in part, was to undermine the popular view that college was necessary for all students, and that top universities should be accorded prestige and veneration.

Since then, public opinion has shifted toward his perspective. More Americans are rethinking the value of a college education. At the same time, America’s elite universities have come under fire for their handling of a surge in antisemitism and for maintaining what critics call a double standard regarding free speech.

For the full story see:

Gregory Zuckerman. “Thiel’s Offer to Skip College Draws Many.” The Wall Street Journal (Monday, Feb. 26, 2024): B4.

(Note: ellipsis added.)

(Note: the online version of the story has the date February 24, 2024, and has the title “Peter Thiel’s $100,000 Offer to Skip College Is More Popular Than Ever.”)

Becker is best known for:

Becker, Gary S. Human Capital: A Theoretical and Empirical Analysis; with Special Reference to Education. 3rd ed. New York: Columbia University Press, 1993.

Start-Ups Succeed When They Give Up Work-Life Balance in Order to “Work Like Hell”

(p. B4) Eric Schmidt, ex-CEO and executive chairman at Google, walked back remarks in which he said his former company was losing the artificial intelligence race because of its remote-work policies.

. . .

“Google decided that work-life balance and going home early and working from home was more important than winning,” Schmidt said at Stanford. “The reason startups work is because the people work like hell.”

For the full story see:

Joseph De Avila. “Ex-CEO Criticizes Google, Retracts It.” The Wall Street Journal (Thursday, Aug. 15, 2024): B4.

(Note: ellipsis added.)

(Note: the online version of the story was updated Aug. 14, 2024, and has the title “Eric Schmidt Walks Back Claim Google Is Behind on AI Because of Remote Work.”)

Healthcare Competition Sometimes Reduces Prices

Numerous complex government healthcare regulations differentially increase the costs of small healthcare firms and independent healthcare practitioners that cannot afford to hire the specialized experts to understand and navigate the regulations. As a result the small firms and independent practitioners often give up and merge with larger organizations, thereby reducing competition. Also, in many locations, governments give incumbent hospitals veto power over the start-up of new hospitals, thereby also reducing competition.

(p. A3) Prices for surgery, intensive care and emergency-room visits rise after hospital mergers. The increases come out of your pay.

Hospitals have struck deals in recent years to form local and regional health systems that use their reach to bargain for higher prices from insurers. Employers have often passed the higher rates onto employees.

Such price increases added an average of $204 million to national health spending in the year after mergers of nearby hospitals, according to a study published Wednesday [April 24, 2024] by American Economic Review: Insights.

Workers cover much of the bill, said Zack Cooper, an associate professor of economics at Yale University who helped conduct the study. Employers cut into wages and trim jobs to offset rising insurance premiums, he said. “The harm from these mergers really falls squarely on Main Street,” Cooper said.

For the full story see:

Melanie Evans. “Hospital Prices Rise After Mergers, and Patients Bear Brunt.” The Wall Street Journal (Thursday, April 25, 2024): A3.

(Note: bracketed date added.)

(Note: the online version of the story was updated April 24, 2024, and has the title “The True Cost of Megamergers in Healthcare: Higher Prices.” The online version says that the title of the print version was “Hospital-Care Prices Rise After Mergers.” But my national edition of the print version had the title “Hospital Prices Rise After Mergers, and Patients Bear Brunt.”)

The forthcoming article co-authored by Cooper, and mentioned above, is:

Brot-Goldberg, Zarek, Zack Cooper, Stuart Craig, and Lev Klarnet. “Is There Too Little Antitrust Enforcement in the U.S. Hospital Sector?” American Economic Review: Insights (forthcoming).

Cloud Brightening Could Counter Global Warming

If the costs of global warming become large enough, we can brighten clouds to reverse global warming.

(p. A1) A little before 9 a.m. on Tuesday [April 2, 2024], an engineer named Matthew Gallelli crouched on the deck of a decommissioned aircraft carrier in San Francisco Bay, pulled on a pair of ear protectors, and flipped a switch.

A few seconds later, a device resembling a snow maker began to rumble, then produced a great and deafening hiss. A fine mist of tiny aerosol particles shot from its mouth, traveling hundreds of feet through the air.

It was the first outdoor test in the United States of technology designed to brighten clouds and bounce some of the sun’s rays back into space, a way of temporarily cooling a planet that is now dangerously overheating. The scientists wanted to see whether the machine that took years to create could consistently spray the right size salt aerosols through the open air, outside of a lab.

If it works, the next stage would be to aim at the heavens and try to change the composition of clouds above the Earth’s oceans.

. . .

(p. A14) Brightening clouds is one of several ideas to push solar energy back into space — sometimes called solar radiation modification, solar geoengineering, or climate intervention. Compared with other options, such as injecting aerosols into the stratosphere, marine cloud brightening would be localized and use relatively benign sea salt aerosols as opposed to other chemicals.

. . .

“I hope, and I think all my colleagues hope, that we never use these things, that we never have to,” said Sarah Doherty, an atmospheric scientist at the University of Washington and the manager of its marine cloud brightening program.

. . .

But it’s vital to find out whether and how such technologies could work, Dr. Doherty said, in case society needs them. And no one can say when the world might reach that point.

In 1990, a British physicist named John Latham published a letter in the journal Nature, under the heading “Control of Global Warming?,” in which he introduced the idea that injecting tiny particles into clouds could offset rising temperatures.

Dr. Latham later attributed his idea to a hike with his son in Wales, where they paused to look at clouds over the Irish Sea.

“He asked why clouds were shiny at the top but dark at the bottom,” Dr. Latham told the BBC in 2007. “I explained how they were mirrors for incoming sunlight.”

Dr. Latham had a proposal that may have seemed bizarre: create a fleet of 1,000 unmanned, sail-powered vessels to traverse the world’s oceans and continuously spray tiny droplets of seawater into the air to deflect solar heat away from Earth.

The idea is built on a scientific concept (p. A15) called the Twomey effect: Large numbers of small droplets reflect more sunlight than small numbers of large droplets. Injecting vast quantities of minuscule aerosols, in turn forming many small droplets, could change the composition of clouds.

“If we can increase the reflectivity by about 3 percent, the cooling will balance the global warming caused by increased C02 in the atmosphere,” Dr. Latham, who died in 2021, told the BBC. “Our scheme offers the possibility that we could buy time.”

A version of marine cloud brightening already happens every day, according to Dr. Doherty.

As ships travel the seas, particles from their exhaust can brighten clouds, creating “ship tracks,” behind them. In fact, until recently, the cloud brightening associated with ship tracks offset about 5 percent of climate warming from greenhouse gases, Dr. Doherty said.

Ironically, as better technology and environmental regulations have reduced the pollution emitted by ships, that inadvertent cloud brightening is fading, as well as the cooling that goes along with it.

A deliberate program of marine cloud brightening could be done with sea salts, rather than pollution, Dr. Doherty said.

For the full story see:

Christopher Flavelle. “Salting the Clouds to Cool an Overheating Earth.” The New York Times (Thursday, April 4, 2024): A1 & A14-A15.

(Note: ellipses, and bracketed date, added.)

(Note: the online version of the story has the date April 2, 2024, and has the title “Warming Is Getting Worse. So They Just Tested a Way to Deflect the Sun.”)

The article by the physicist John Latham, published in the one of the top two journals in science, and mentioned above, is:

Latham, John. “Control of Global Warming?” Nature 347, no. 6291 (Sept. 27, 1990): 339-40.

The New York Times Is Open to the Possibility and Desirability of Geoengineering

In the past, The New York Times either ignored, or was dismissive of, geoengineering to reverse or mitigate the alleged future effects of global warming. A few months ago, I was pleasantly surprised to see the paper publish a page one article, quoted below, that was open to the policy of geoengineering. This is progress because the left’s standard response to the alleged effects of global warming is to advocate reduced economic growth. Geoengineering would allow economic growth, and the human flourishing it allows, to continue, even if global warming becomes as severe as the pessimists fear.

(p. 1) On a windswept Icelandic plateau, an international team of engineers and executives is powering up an innovative machine designed to alter the very composition of Earth’s atmosphere.

If all goes as planned, the enormous vacuum will soon be sucking up vast quantities of air, stripping out carbon dioxide and then locking away those greenhouse gases deep underground in ancient stone — greenhouse gases that would otherwise continue heating up the globe.

Just a few years ago, technologies like these, that attempt to re-engineer the natural environment, were on the scientific fringe. They were too expensive, too impractical, too sci-fi. But with the dangers from climate change worsening, and the world failing to meet its goals of slashing greenhouse gas emissions, they are quickly moving to the mainstream among both scientists and investors, despite questions about their effectiveness and safety.

. . .  Once science fiction, today these ideas are becoming reality.

Researchers are studying ways to block some of the sun’s radiation. They are testing whether adding iron to the ocean could carry carbon dioxide to the sea floor. They are hatching plans to build giant parasols in space. And with massive facilities like the one in Iceland, they are seeking to reduce the concentration of carbon dioxide in the air.

. . .

(p. 12) A plant similar to the one in Iceland, but far larger, is being built in Texas by Occidental Petroleum, the giant oil company.

. . .

The Occidental plant, being built near Odessa, Texas, and known as Stratos, will be more than 10 times more powerful than Mammoth, powered by solar energy, and have the potential to capture and sequester 500,000 metric tons of carbon dioxide per year.

It uses a different process to extract carbon dioxide from the air, though the goal is the same: Most of it will be locked away deep underground. But at least some of the carbon dioxide, Occidental says, will also be used to extract more oil.

In that process, carbon dioxide is pumped into the ground to force out oil that might otherwise be too difficult to reach. Techniques like this have made Occidental a company worth more than $50 billion and helped send American crude production to a new high in recent years.

Of course, it is the world’s reliance on the burning of oil and other fossil fuels that has so dangerously sent carbon dioxide levels soaring. In the atmosphere, carbon dioxide acts as a blanket, trapping the sun’s heat and warming the world.

Today, Occidental says it is trying to become a “carbon management” company as well as an oil producer. Last year, it paid $1.1 billion for a start-up called Carbon Engineering that had developed a way to soak up carbon dioxide from the air, and began building the Stratos project. Today, what was a barren plot of dirt less than 12 months ago is a bustling construction site.

“It’s like the Apollo missions at NASA,” said Richard Jackson, who oversees carbon management and domestic oil operations at Occidental. “We’re trying to move as quickly as we can.”

For the full story see:

David Gelles. “Can We Engineer Our Way Out of a Climate Crisis?” The New York Times, First Section (Sunday, March 31, 2024): 1 & 12-13.

(Note: ellipses added.)

(Note: the online version of the story was updated April 4, 2024, and has the title “Can We Engineer Our Way Out of the Climate Crisis?” The sentence above that starts “Once science fiction” appeared in the print, but not the online, version.)

The Absence of a Randomized Double-Blind Clinical Trial Is Used as an Excuse to Ignore an Emergency Procedure That Saves Lives

In an urgent emergency the son and wife of a man with a stopped heart, improvised the use of a toilet plunger to get his heart to start pumping again. In his wonderful account of the sources of insight, Gary Klein told a different example of urgent emergency improvisation: “Wag” Dodge saved himself from a massive wildfire racing toward him by lighting a match to the grass at his feet to pre-burn a patch he could lie down in. When the wildfire reached him, it passed on both sides, avoiding the patch that now had no fuel. Neither the son-and-mother, nor Wag Dodge, got their insight from collaboration or a randomized double-blind controlled trial.

(p. D5) In 1988, a 65-year-old man’s heart stopped at home. His wife and son didn’t know CPR, so in desperation they grabbed a toilet plunger to get his heart going until an ambulance showed up.

Later, after the man recovered at San Francisco General Hospital, his son gave the doctors there some advice: Put toilet plungers next to all of the beds in the coronary unit.

The hospital didn’t do that, but the idea got the doctors thinking about better ways to do CPR, or cardiopulmonary resuscitation, the conventional method for chest compressions after cardiac arrest. More than three decades later, at a meeting of emergency medical services directors this week in Hollywood, Fla., researchers presented data showing that using a plunger-like setup leads to remarkably better outcomes for reviving patients.

. . .

The new procedure, known as neuroprotective CPR, has three components. First, a silicone plunger forces the chest up and down, not only pushing blood out to the body, but drawing it back in to refill the heart. A plastic valve fits over a face mask or breathing tube to control pressure in the lungs.

The third piece is a body-positioning device sold by AdvancedCPR Solutions, a firm in Edina, Minn., that was founded by Dr. Lurie. A hinged support slowly elevates a supine patient into a partial sitting position. This allows oxygen-starved blood in the brain to drain more effectively and to be replenished more quickly with oxygenated blood.

. . .

. . ., a study carried out in four states found . . . [p]atients who received neuroprotective CPR within 11 minutes of a 911 call were about three times as likely to survive with good brain function as those who received conventional CPR.

. . .

Dr. Karen Hirsch, a neurologist at Stanford University and a member of the CPR standards committee for the American Heart Association, said that the new approach was interesting and made physiological sense, but that the committee needed to see more research on patients before it could formally recommend it as a treatment option.

“We’re limited to the available data,” she said, adding that the committee would like to see a clinical trial in which people undergoing cardiac arrests are randomly assigned to conventional CPR or neuroprotective CPR. No such trials are happening in the United States.

Dr. Joe Holley, the medical director for the emergency medical service that serves Memphis and several surrounding communities, isn’t waiting for a larger trial. Two of his teams, he said, were getting neurologically intact survival rates of about 7 percent with conventional CPR. With neuroprotective CPR, the rates rose to around 23 percent.

His crews are coming back from emergency calls much happier these days, too, and patients are even showing up at fire stations to thank them for their help.

“That was a rare occurrence,” Dr. Holley said. “Now it’s almost a regular thing.”

For the full story see:

Joanne Silberner. “How a Plunger Improved CPR.” The New York Times (Tuesday, June 27, 2023 [sic]): D5.

(Note: ellipses added.)

(Note: the online version of the story has the date June 15, 2023 [sic], and has the title “How a Toilet Plunger Improved CPR.”)

The Gary Klein book that I praised above is:

Klein, Gary. Seeing What Others Don’t: The Remarkable Ways We Gain Insights. Philadelphia, PA: PublicAffairs, 2013.

The “study carried out in four states,” and mentioned above, is:

Moore, Johanna C., Paul E. Pepe, Kenneth A. Scheppke, Charles Lick, Sue Duval, Joseph Holley, Bayert Salverda, Michael Jacobs, Paul Nystrom, Ryan Quinn, Paul J. Adams, Mack Hutchison, Charles Mason, Eduardo Martinez, Steven Mason, Armando Clift, Peter M. Antevy, Charles Coyle, Eric Grizzard, Sebastian Garay, Remle P. Crowe, Keith G. Lurie, Guillaume P. Debaty, and José Labarère. “Head and Thorax Elevation During Cardiopulmonary Resuscitation Using Circulatory Adjuncts Is Associated with Improved Survival.” Resuscitation 179 (2022): 9-17.

“Heavily Subsidized Renewables” Mostly Add to Total Energy Consumed Instead of Replacing Fossil Fuels

(p. A17) Despite extravagant hype, the green-energy transition from fossil fuels isn’t happening. Achieving a meaningful shift with current policies is too costly. We need to change policy direction entirely.

. . .

Studies show that when countries add more renewable energy, it does little to replace coal, gas or oil. It simply adds to energy consumption. Recent research shows that for every six units of green energy, less than one unit displaces fossil-fuel energy. The Biden administration finds that while renewable energy sources worldwide will dramatically increase up to 2050, that won’t be enough even to begin replacing fossil fuels—oil, gas and coal will all keep increasing, too.

. . .

The current plan underpinning the green-energy transition mostly insists that pushing heavily subsidized renewables will magically make fossil fuels disappear. But such expectations are “misleading,” as a 2019 academic study concluded. During past additions of a new energy source, the researchers found, it has been “entirely unprecedented for these additions to cause a sustained decline in the use of established energy sources.”

What causes us to change our relative use of energy? One study investigated 14 shifts that happened over the past five centuries, such as when farmers went from plowing fields with animals to tractors powered by fossil fuels. Invariably, the new energy source would be better or cheaper.

. . .

The way to achieve an eventual transition is to improve green-energy alternatives. That means investing much more in research and development. Innovation is needed in wind and solar, as well as storage, nuclear energy, and other possible solutions. Bringing the costs of low-CO2₂energy sources below those of fossil fuels is the only way that green solutions can be implemented globally, and not merely by a few wealthy countries.

When politicians say the green transition is here, they are really asking voters to support throwing more good money after bad. We need to be smarter.

For the full commentary see:

Bjorn Lomborg. “The ‘Green Energy Transition’ That Wasn’t.” The Wall Street Journal (Tuesday, June 25, 2024): A17.

(Note: ellipses added.)

(Note: the online version of the commentary has the date June 24, 2024, and has the same title as the print version.)

The “recent research” mentioned above is:

Rather, Kashif Nesar, and Mantu Kumar Mahalik. “Investigating the Assumption of Perfect Displacement for Global Energy Transition: Panel Evidence from 73 Economies.” Clean Technologies and Environmental Policy (2023) https://doi.org/10.1007/s10098-023-02689-8.

The “2019 academic study” mentioned above is:

York, Richard, and Shannon Elizabeth Bell. “Energy Transitions or Additions?: Why a Transition from Fossil Fuels Requires More Than the Growth of Renewable Energy.” Energy Research & Social Science 51 (May 2019): 40-43.

The study of 14 shifts in type of energy that was mentioned above is:

Fouquet, Roger. “The Slow Search for Solutions: Lessons from Historical Energy Transitions by Sector and Service.” Energy Policy 38, no. 11 (Nov. 2010): 6586-96.

“A Pattern of Stumbles Across the World of Generative A.I.”

(p. B1) Days before gadget reviewers weighed in on the Humane Ai Pin, a futuristic wearable device powered by artificial intelligence, the founders of the company gathered their employees and encouraged them to brace themselves. The reviews might be disappointing, they warned.

. . .

(p. B5) Its setbacks are part of a pattern of stumbles across the world of generative A.I., as companies release unpolished products. Over the past two years, Google has introduced and pared back A.I. search abilities that recommended people eat rocks, Microsoft has trumpeted a Bing chatbot that hallucinated and Samsung has added A.I. features to a smartphone that were called “excellent at times and baffling at others.”

For the full story see:

Tripp Mickle and Erin Griffith. “Inside the Spectacular Flop of a Bold A.I. Device.” The New York Times (Friday, June 7, 2024): B1 & B5.

(Note: ellipsis added.)

(Note: the online version of the story was updated June 7, 2024, and has the title “‘This Is Going to Be Painful’: How a Bold A.I. Device Flopped.”)

Musk’s Predictions Are “Just Guesses,” Part of “a Conversation”

(p. B4) In the past, Musk has suggested that sometimes people read too much into what he says.

“People shouldn’t hold me to these things,” Musk said in 2022 during a TED Talk interview. “What tends to happen is I’ll make some like, you know, best guess, and then people in five years, there’ll be some jerk that writes an article: ‘Elon said this would happen, and it didn’t happen. He’s a liar and a fool.’”

“It’s very annoying when that happens,” Musk continued. “These are just guesses, this is a conversation.”

For the full commentary see:

Tim Higgins. “How Misunderstood Is Tesla’s Musk?” The Wall Street Journal (Monday, June 24, 2024): B4.

(Note: the online version of the commentary has the date June 22, 2024, and has the title “Is Elon Musk Misunderstood, or Understood All Too Well?”)

Gates’s TerraPower Breaks Ground on Small Nuclear Reactor

(p. A16) Outside a small coal town in southwest Wyoming, a multibillion-dollar effort to build the first in a new generation of American nuclear power plants is underway.

Workers began construction on Tuesday on a novel type of nuclear reactor meant to be smaller and cheaper than the hulking reactors of old and designed to produce electricity without the carbon dioxide that is rapidly heating the planet.

The reactor being built by TerraPower, a start-up, won’t be finished until 2030 at the earliest and faces daunting obstacles. The Nuclear Regulatory Commission hasn’t yet approved the design, and the company will have to overcome the inevitable delays and cost overruns that have doomed countless nuclear projects before.

What TerraPower does have, however, is an influential and deep-pocketed founder. Bill Gates, currently ranked as the seventh-richest person in the world, has poured more than $1 billion of his fortune into TerraPower, an amount that he expects to increase.

“If you care about climate, there are many, many locations around the world where nuclear has got to work,” Mr. Gates said during an interview near the project site on Monday. “I’m not involved in TerraPower to make more money. I’m involved in TerraPower because we need to build a lot of these reactors.”

Mr. Gates, the former head of Microsoft, said he believed the best way to solve climate change was through innovations that make clean energy competitive with fossil fuels, a philosophy he described in his 2021 book, “How to Avoid a Climate Disaster.”

Nationwide, nuclear power is seeing a resurgence of interest, with several start-ups jockeying to build a wave of smaller reactors and the Biden administration offering hefty tax credits for new plants.

. . .

In March [2024], TerraPower submitted a 3,300-page application to the Nuclear Regulatory Commission for a permit to build the reactor, but that will take at least two years to review. The company has to persuade regulators that its sodium-cooled reactor doesn’t need many of the costly safeguards required for traditional light-water reactors.

“That’s going to be challenging,” said Adam Stein, director of nuclear innovation at the Breakthrough Institute, a pro-nuclear research organization.

TerraPower’s plant is designed so that major components, like the steam turbines that generate electricity and the molten salt battery, are physically separate from the reactor, where fission occurs. The company says those parts don’t require regulatory approval and can begin construction sooner.

For the full story see:

Brad Plumer and Benjamin Rasmussen. “Climate-Minded Billionaire Makes a Bet on Nuclear Power.” The New York Times (Thursday, June 13, 2024): A16.

(Note: ellipsis, and bracketed year, added.)

(Note: the online version of the story has the date June 11, 2024, and has the title “Nuclear Power Is Hard. A Climate-Minded Billionaire Wants to Make It Easier.”)

Gates’s 2021 book, mentioned above, is:

Gates, Bill. How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need. New York: Knopf, 2021.