BMO to construct new innovative Toronto campus
Leading Canadian bank, Bank of Montreal (BMO), has announced that it will be constructing a new 350,000 square foot 'urban campus', set to open in 2021, as part of the companies ongoing digital transformation strategy.
Set to be built on site of Sears Canada's former Toronto head office, the facility will feature four floors, each with open plan workspaces containing the latest disruptive and advanced technologies.
"This urban campus is central to the business transformation that's underway at BMO,” said Darryl White, Chief Executive Officer, BMO Financial Group. “We're unified in our focus on the customer and now we're accelerating, moving ahead ready to capitalize on every advantage: our wealth of customer insights, the right investment in technology and the discipline to keep things simple.”
BMO will use the facility to further bolster its presence in Toronto, having also having extended the lease at its First Canadian Place headquarters for a further 15 years, in aim of attracting the city's top financial and technological talent.
Cadillac Fairview, the owner of the current mall, will work in collaboration with BMO to design the campus, whilst also investing $200mn into its development.
"Cadillac Fairview is excited about the opportunity to collaborate with BMO to envision and design this exciting re-imagining of work space," said John Sullivan, President and CEO, Cadillac Fairview. "With CF Toronto Eaton Centre as its home, BMO's urban campus will stand out as a vibrant environment to stimulate bold ideas, foster new ways of working, and ultimately attract the best talent."
Once operational, the campus will house 3,500 employees, in addition to its own public transportation network and a range of entertainment and retail facilities.
China starts building underground lab for high level waste
China has begun constructing its first underground research laboratory in the Gobi Desert - following more than 35 years of research - to determine its suitability for storing future high level radioactive waste.
As part of the support from the International Atomic Energy Agency, 35 Chinese and 11 international experts took part in a six-week virtual expert mission earlier this year to provide input, guidance and recommendations to support plans for the in-situ laboratory.
“The safe disposal of high level radioactive waste is one of the critical missions for the sustainable development of China’s nuclear industry,” said Liang Chen, Vice President of the Beijing Research Institute of Uranium Geology (BRIUG), which is constructing the underground research laboratory.
China has been working on identifying a suitable site for a HLW repository since 1985, and since 1999 those efforts have been supported by the IAEA.
The country’s strategy for HLW disposal consists of three stages, with stage one – laboratory studies and preliminary site selection – completed in 2020. The second stage, underground in-situ testing, is set to take place from 2021 to 2050, following the construction of the underground research laboratory. The final stage – the construction of the disposal facility – is planned to take place from 2041 to 2050, assuming the in-situ testing confirms the area’s suitability.
High-level radioactive waste can remain radioactive from thousands to hundreds of thousands of years. The internationally accepted solution for its safe and secure long term management is geological disposal in a facility several hundred metres underground. A geological disposal facility is under construction in Finland. (Watch the video Onkalo – A Solution for Nuclear Waste for more details).
“The construction of an underground research laboratory is an opportunity for advancement in the science and engineering of geological disposal facilities and an essential component in a sustainable energy future for countries,” said Stefan Joerg Mayer, Head of the Disposal Team at the IAEA. “Despite the constraints of the pandemic, we were able to design, organize and lead an innovative virtual mission to provide expert assistance to China in the construction of this new R&D facility.”
BRUIG requested the IAEA to provide support on characterisation of the rock mass, as well as scientific research, prior to construction.
The broad range of areas covered resulted in recommendations related to construction, but also guidance related to the implementation of its laboratory R&D plans during the construction phase.
“This virtual Expert Mission was very timely as construction of the underground laboratory began this summer and it provided critical support to this effort,” said Chen. “It has made a great contribution in promoting the sustainable development of China's nuclear industry.”
Nuclear power, as well as hydro power and other renewable energy sources, could collectively replace coal as China’s primary sources of power.
China could have an installed nuclear capacity of 182 gigawatts by 2030, an increase of 74 gigawatts over the policy scenario’s goal, according to McKinsey.
China manufactures 70 percent of the equipment necessary for nuclear plants, and the cost for this equipment has been falling. If the country develops nuclear power to the fullest extent, by 2030 carbon emissions could fall by 470 million tons, at a cost of €3 per ton.