THE British economy has gained £1.4 billion (€1.6 billion) from the Government’s direct investment in fusion energy over the past decade.
The findings, which also show an average of 4,000 jobs have been added each year, were revealed on Tuesday, November 24, in an economic study conducted by London Economics and released today by the Department for Business, Energy and Industry Strategy.
London Economics looked at the financial and economic impacts of the UK’s public investments in the UK Atomic Energy Authority’s (UKAEA’s) fusion research from 2009-2019 and found:
- Allocated funding of £346.7 million (€388.3 million) resulted in a direct gain of £1.4 billion (€1.6 billion)
- For every £1 (€1.12) invested in UKAEA, approximately £4 (€4.48) is generated in return
- Approximately 36,900 direct and indirect job-years were created through direct employment and related activities – equivalent to the creation of 4,000 jobs on average each year
- The UK economy gained up to £363.7 million (€407.4 million) from contracts directly won by UK organisations for the international fusion megaproject, ITER
Fusion energy is a form of low-carbon energy whereby the power of the sun is replicated on earth, and at equal mass to traditional energy sources, fusion energy releases nearly four million times more energy than the burning of coal, oil, or gas, and four times as much as nuclear fission reactions.
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