Breaking news

Greece Explores Small Modular Reactors To Boost Energy Security

by THEFUTURE.TEAM

Greece is taking a significant step towards diversifying its energy portfolio by considering the deployment of small modular reactors (SMRs) for electricity production. This initiative, spearheaded by Prime Minister Kyriakos Mitsotakis, was highlighted during an Economist event with former Italian Prime Minister Enrico Letta.

SMRs, with capacities ranging from 50 to 300 megawatts, offer distinct advantages over traditional nuclear power plants. They are not only smaller and easier to build but also boast enhanced safety features. Their modular nature allows for quick assembly and disassembly, providing flexibility in operations and heightened safety during emergencies. These reactors require significantly less water for cooling, making them more environmentally friendly and suitable for a variety of locations.

The European Union has been actively supporting the development of SMRs as part of its broader strategy to enhance energy security and transition to cleaner energy sources. This support has gained urgency in the wake of geopolitical disruptions, notably the reduced gas supplies following Russia’s invasion of Ukraine. As part of its commitment, the EU has earmarked €1.38 billion under the Horizon Europe program for research and development in nuclear energy, including SMRs.

Globally, over 80 SMR projects are currently in various stages of development. Countries like the United States, United Kingdom, Canada, Japan, South Korea, Russia, and China are leading the charge in this innovative technology. The modular design and smaller size of these reactors make them an attractive option for countries looking to modernize their energy infrastructure without the significant financial and logistical burdens associated with traditional nuclear power plants.

For Greece, the introduction of SMRs could represent a transformative shift in its energy landscape. By replacing ageing fossil fuel plants with these advanced reactors, Greece could significantly reduce its carbon footprint and enhance energy security. Furthermore, integrating SMRs into the energy grid would complement the country’s growing renewable energy sector, creating a more resilient and sustainable energy system.

However, experts caution that the implementation of SMRs in Greece is a long-term endeavour. While the potential benefits are substantial, it may take up to 20 years for these technologies to become operational in the country. The high costs and extended timelines associated with large nuclear plants make SMRs a more practical and economically viable solution for Greece.

In conclusion, Greece’s exploration of small modular reactors marks a pivotal development in its energy policy. As the country seeks to enhance energy security and transition to a low-carbon economy, SMRs offer a promising solution. By leveraging EU support and global advancements in nuclear technology, Greece could position itself at the forefront of energy innovation, ensuring a secure and sustainable energy future.

Apple Loses €13 Billion Tax Battle Against EU: A Landmark Decision for Big Tech

by THEFUTURE.TEAM

In a landmark ruling, the European Court of Justice has upheld the European Union’s demand for Apple to pay €13 billion in back taxes to Ireland, marking a significant defeat for the tech giant. This decision sets a major precedent for the regulation of Big Tech companies, as it reaffirms the EU’s commitment to curbing tax avoidance by multinational corporations operating within its borders.

The case, which dates back to 2016, centres around allegations that Apple received illegal state aid from Ireland through preferential tax arrangements. The European Commission argued that these agreements allowed Apple to avoid paying its fair share of taxes on profits generated in Europe, effectively granting the company an unfair competitive advantage. The Commission initially ordered Apple to repay €13 billion, a decision the company contested in court.

Apple’s defence has always hinged on the argument that it followed the tax laws as they were written and that the profits in question were largely attributable to its operations outside of Europe. Despite this, the EU maintained that Apple’s arrangement with Ireland constituted illegal state aid, as it allowed the company to channel significant revenue through the country while paying a fraction of the taxes it would have owed in other jurisdictions.

This ruling is seen as a watershed moment in the ongoing debate around tax fairness and the role of multinational corporations in the global economy. For the European Union, the outcome reaffirms its position as a global leader in the push for corporate tax transparency and accountability. By holding Apple accountable for its tax practices, the EU is sending a clear message to other tech giants, signalling that no company, regardless of its size or influence, is above the law.

The implications of this decision are likely to reverberate throughout the tech industry, with other major corporations potentially facing increased scrutiny over their tax arrangements. In recent years, there has been growing public and governmental pressure to ensure that Big Tech companies contribute their fair share to the economies in which they operate. This ruling could catalyze further regulatory action, both within the EU and globally.

For Apple, the financial impact of the ruling is significant, but perhaps more important is the reputational damage it may suffer. As one of the world’s most valuable companies, Apple has long been in the spotlight for its tax practices, and this decision is likely to reignite debates over corporate responsibility and the ethics of tax avoidance.

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter