Transforming energy systems ‘could boost global GDP by $98tn by 2050’

The International Renewable Energy Agency says shifting to renewables would help decarbonise, boost economic growth, create jobs and improve human welfare

‘An economic crash could cost more lives than the coronavirus’

Professor of Risk Management tells ELN the economic fallout from lockdown could be more deadly than the virus itself

World economic growth is becoming much cleaner – and that’s not all

New research published by PwC suggests by 2040, global energy intensity will fall by a further one-third

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Government productivity statistics ‘fail to reflect value of cutting carbon’

That’s the verdict from the Energy Systems Catapult, which estimates avoided carbon dioxide emissions are worth about 0.4% of total GDP.

UK nuclear worth £6.4bn last year

The nuclear power sector contributed £6.4 billion to the UK economy last year. The Nuclear Industry Association (NIA) suggests this economic impact rises to £12.4 billion and provides 155,000 jobs when the sector’s spend on associated goods and services in the supply chain and wage spending is taken into account. Each of the sector’s workers […]

European wind ‘boosting GDP and jobs but at risk’

The wind industry in Europe contributed €36 billion (£27bn) to the EU’s GDP last year. It also supported around 263,000 jobs, generated €8 billion (£6bn) of exports outside Europe and saved 166 million tons of emissions, according to a new report from WindEurope. The report suggests every €1,000 (£752) turnover generated in the wind industry […]

Drax ‘generates £1.7bn for UK economy each year’

The Drax Power Station helps generate £1.7 billion for the UK economy and supports more than 18,500 jobs each year. In a study of the biomass and coal-fired plant’s impacts, researchers at Oxford Economics found this contribution increased by 34% year-on-year following the firm’s acquisition of corporate power supplier Opus Energy. The facility, which provides […]

Scottish wind project to boost economy by £827m

A new offshore wind farm in Scotland is expected to contribute £827.4 million to the country’s GDP. That’s according to an analysis carried out at the University of Strathclyde, which suggests the 450MW Neart Na Gaoithe project could see capital expenditure of up to £2 billion, with around £510 million of this to be spent in Scotland. […]

‘Fuel tax freeze should be fuel tax cut’

Campaigners against fuel taxes say the longest duty freeze in history should be turned into an actual reduction. FairFuelUK say Philip Hammond, the Chancellor of the Exchequer, needs to accept that lower fuel prices are better for the economy and should do something about it in tomorrow’s Autumn Statement. The group use George Osborne’s continued […]

Renewables could increase world’s GDP by $1.3tn

Increasing the world’s share of renewable energy could boost global GDP by up to $1.3 trillion (£0.8tn). That’s according to the International Renewable Energy Agency (IRENA) which added a 36% share of green energy would be needed by 2030 to achieve it. Japan would see the largest positive GDP impact – a 2.3% increase, stated IRENA. Australia, […]