(Bloomberg) -- Mark Carney, the former central banker who now heads Brookfield Asset Management Inc.’s transition fund, said that moving to a net-zero economy will be impossible without wider adoption of nuclear power.

“There’s no transition that works without nuclear, full stop,” Carney said at the company’s investor day Thursday. 

Toronto-based Brookfield bought nuclear power business Westinghouse Electric Co. in 2018 as part of the latter’s bankruptcy reorganization. Brookfield has been running a sales process for Westinghouse that’s generated “robust interest” from potential buyers, a company executive told investors in the summer. 

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Brookfield, which started a $15 billion transition fund under Carney’s watch, plans to build utilities for countries and smaller battery technologies based off nuclear, Chief Executive Officer Bruce Flatt said.

“I think there’s a paradigm shift, and the paradigm shift is energy security,” Flatt said, adding that nuclear is the only alternative for nations that don’t have natural gas or enough land for solar projects.

At the event, Carney, the former governor of the Bank of England and the Bank of Canada, said 10-year interest rates of 4% or 5% are “quite reasonable” and normal given the US economy potentially growing at 2% and inflation slowing to 2%. 

“It’s a painful process when a bunch of assets -- not the ones that we have -- have been priced for 1%, 2% interest rates forever,” he said. 

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