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Response to Business, Energy and Industrial Strategy Select Committee. Inquiry: Post-Pandemic Economic Growth

AuteurU-battery, Urenco
Datumaugustus 2020

Uit de publicatie:

Response to Business, Energy and Industrial Strategy Select Committee 
Inquiry: Post-Pandemic Economic Growth
September 2020
Submitted by Urenco and U-Battery Ltd.
• 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 
• 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.