Their tardiness is often not the result of ill will, but rather caused by the broad scope of challenges which have to be addressed en route to achieving carbon neutrality. The required deep decarbonisation of the energy system, if not done properly, can trigger significant social impacts, for example causing job losses or affecting countries’ economies. That’s why the EU has to choose the right tools to carry out this process. To this end, nuclear energy is capable of providing both clean electricity and various economic benefits.
To exemplify the potential benefits of nuclear energy, let’s take a look at Poland - a coal-dependent country which is currently developing a strategy to decarbonise its power sector. Nuclear energy is supposed to become a linchpin of the country’s low-carbon future. One of the main reasons is its positive impact on the economy and employment. As the Polish Minister of Energy rightly noted, “Nuclear power provides an opportunity to implement technologically advanced projects that can contribute to the creation of stable, high-value jobs at the level of the entire economy.” It is clear that nuclear offers a win-win opportunity as some of those currently employed in the coal industry could be retrained and work in the nuclear field.
This is just one particular example, so what does the impact of nuclear energy on the economy look like at the EU level?
Where are we now?
In April, Deloitte published a socio-economic impact evaluation of the nuclear industry on the European Union, in which it assessed the contribution of the nuclear sector to the overall economy of the EU28. The study presents in detail the benefits of nuclear energy and focuses on employment, GDP, state revenues and disposable household income. It takes into account nuclear energy’s direct and indirect impacts.
According to the study, the nuclear industry has a significant impact on the European economy as it sustains 1.1 million jobs (47% of which are highly skilled), generates EUR507 billion (USD556 billion) in EU GDP, EUR124 billion in state revenues, EUR383 billion in household income and a EUR18.1 billion trade surplus in the EU economy. These figures are significantly higher than is the case of - for example - the wind and solar industries. The wind industry (with an installed capacity of 160 GW) supports just over 250,000 jobs in Europe and generates EUR36.1 billion in GDP, while the solar power sector supports just over 80,000 jobs (with an installed capacity of 100 GW).
