Sunday, December 5, 2010

Buffet’s $50 million launches IAEA fuel bank

It will help nations peacefully develop nuclear energy

Warren BuffettThe New York Times reports that a $50 million privately funded initiative by philanthropist Warren E. Buffett (right) has added enough funding for an international nuclear fuel bank to start operations.

The fuel bank will be administered by the International Atomic Energy Agency (IAEA). Buffett told the NY Times he made the contribution because, "the spread of nuclear weapons of incredible destructive capability is the No. 1 problem facing mankind."

Buffett made the $50 million commitment in September of 2006 contingent on the IAEA receiving an additional $100 million in funding to jump-start the reserve, a condition that was met in 2009 when Kuwait donated $10 million.

According to the NY Times, other backers of the fuel bank include the U.S., the European Union, Norway, and the United Arab Emirates. Total funding for the fuel bank is now at $157 million, enough to buy the first fuel load for a new nuclear reactor, about 60-80 tons of uranium.

Nonproliferation experts say the implementation of a fuel bank creates opportunities for nations to develop nuclear energy without the threat of nuclear weapons.

Real the full details exclusively at CoolHandNuke a nuclear energy jobs portal and a whole lot more -- now online.

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