Publication Laka-library:
Response to Business, Energy and Industrial Strategy Select Committee. Inquiry: Post-Pandemic Economic Growth
| Author | U-battery, Urenco |
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1-01-8-38-05.pdf |
| Date | August 2020 |
| Classification | 1.01.8.38/05 (URENCO/UCN ALMELO - U-BATTERY REACTOR) |
| Front | 
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From the publication:
Response to Business, Energy and Industrial Strategy Select Committee Inquiry: Post-Pandemic Economic Growth September 2020 Submitted by Urenco and U-Battery Ltd. Introduction • COVID-19 has been a once-in-a-century event and has had an unprecedented impact on the UK, its society and economy. As such, it has required an unprecedented response from the UK Government in terms of the measures that have been required to see the country through this crisis and return to normality. • As the country emerges from the crisis, we must ensure that we can best position the UK to return to normality, build a strong economy and return prosperity to our communities. We must also look to learn the lessons of how we can prepare for future crises and mitigate them. This does not just apply to crises in public health. • As a society, we know the threat posed by climate change. We must take steps now to decarbonise our economy and position ourselves to deliver on net zero by 2050. This will enable us to mitigate the worst damage from climate change, as well as create economic opportunities throughout the UK. • HM Treasury has previously estimated that the cost of delivering net zero would be more than £1trillion (the estimate of the cumulative investment needed to 2050). This means that an annual investment of between £50-70bn each year is needed, the equivalent of 1-2 per cent of UK GDP1. Therefore, if the UK is to deliver on this considerable investment, it should focus its efforts on investing in green and low-carbon technologies which will create long-term economic opportunities, while helping to drive forward decarbonisation. The best way to make these investments is in proven low- carbon technologies, such as nuclear and renewables, as well as innovative low-carbon technologies.