UK’s fusion energy investments boosted economy £1.4bn: The UK Government’s direct investments in fusion energy has helped boost the economy by £1.4 billion over the past decade.
That’s as stated in a new study by London Economics & published by BEIS, which shows the investment of £346.7 million has further supported an average of 4,000 jobs each year.
The study presented the financial and economic effects of public investments in the UK Atomic Energy Authority’s (UKAEA) fusion research from 2009 & 2019 and discovered that for every £1 invested in UKAEA, about £4 is produced in return.
Fusion energy is a type of low carbon energy, by which the power of the Sun is reproduced on Earth.
At identical mass to conventional energy sources, fusion energy is thought to release nearly 4 million times more energy than the burning of coal, oil or gas and four times approximately as nuclear fission reactions.
About 36,000 direct and indirect jobs were generated throughout the decade which is equivalent to 4,000 jobs on average every year and the economy also acquired as much as £363.7 million from contracts directly won by UK organisations for the international fusion megaproject ITER.
There have also been advances to “fusion-adjacent” technologies by way of technology transfer from fusion, along with advancements in robotics, advancements of new materials and improvements to computing & artificial intelligence (AI).
Future operations are anticipated in other fields like space exploration, mining and healthcare & transport.
UKAEA CEO Professor Ian Chapman stated: “The report highlights much that is positive about UKAEA’s work. However, this is just the tip of the iceberg with regards to UKAEA’s capabilities and fusion energy’s projected contribution to our shared economic, ecological and social future.
“Fusion energy research and development needs long term and large-scale investments. There are substantial benefits fusion research and development can deliver not only to the economy but also to the UK’s net zero target by 2050, which means going beyond the decarbonisation of electricity.
“Our mission is to lead the delivery of sustainable fusion energy and maximise scientific and economic benefit.”
UK’s fusion energy investments boosted economy £1.4bn