Investing in low-carbon nuclear energy generates jobs and economic growth in Europe
The European nuclear industry currently sustains more than 1.1 million jobs in the EU and generates more than half a trillion euros in GDP, according to a new study by Deloitte released today.
For more than 60 years, nuclear technologies have been providing Europe with a reliable source of low-carbon electricity. The aim of the work undertaken by Deloitte was to assess the contribution of the nuclear sector to the overall economy of the EU28 both today and in 2050.
According to the report, each GW of installed nuclear capacity in the EU:
- Triggers €9.3 billion in annual investments both in the nuclear and connected economic sectors.
- Provides permanent and local employment to just under 10,000 people.
- Generates €4.3 Bn in EU GDP.
Not only will this enable the EU to achieve its carbon-free targets, it will also provide a significant contribution in terms of economic growth and job creation
"As one of the objectives of this study was to provide data on the economic contribution of the European nuclear industry up to 2050, decisionmakers now have at their disposal a reliable forecast of the benefits that would be derived from the deployment of 150 GW of nuclear power capacity throughout the European Union" said Sorin Elisei, Senior Manager at Deloitte Romania.
Looking ahead to 2050, if nuclear were to continue to account for one quarter of the electricity mix in 2050 (150 GW of installed capacity), the authors believe that, on average, the industry would:
- Support more than 3 million jobs annually.
- Generate €576 billion per year in GDP.
- Boost tax revenues by €110.2 billion per year.
- Provide households with €490.9 billion in disposable income.
"If Europe is serious about decarbonising its economy by 2050, then one quarter of the electricity produced in the EU will need to continue to come from nuclear" states Yves Desbazeille, FORATOM Director General. "Not only will this enable the EU to achieve its carbon-free targets, whilst at the same time ensuring it has access to the energy it needs when it needs it, it will also provide a significant contribution in terms of economic growth and job creation."
The economic benefits of maintaining a strong, European nuclear supply chain do not end here, as the industry can positively respond to many of the other challenges which the EU is facing. For example:
- Those currently employed in the coal industry could be retrained in order to fill the skills gap in the nuclear industry.
- Nuclear can help maintain a European industrial base by providing a steady supply of low carbon power at an affordable cost.