The UK government needs to act now to attract companies in order to take the lead in the global nuclear fusion industry – which could be worth up to £31 trillion, new research has said.
According to a new Policy Report from the Fusion Industry Association (FIA), the UK is well placed to capture a big share of a potential £5 billion global economic opportunity over the next five years, which could grow to £31t in the longer term
Fusion companies plan to invest well over £1b during the next five years. Furthermore, 65% of leading fusion companies are considering establishing or enhancing their UK businesses, and a further 30% are open to doing so if the conditions are right.
By 2029, fusion developers plan to make final investment decisions for at least 12 major fusion facilities. Many could be in the UK, with notable opportunities for communities such as Culham, West Burton, and other centres of fusion excellence.
Each investment could create long-term financial commitments, workforce growth, spin-out potential, supply chain opportunities, and tax revenues.
However, while the UK is currently a leader in fusion, it must act now to secure its advantage.
FIA CEO Andrew Holland said: “The UK is well positioned to attract a major share of this value. But it’s important that it establishes the best possible framework to prevent it from losing its lead before it can reap the commercial opportunities.
“That is why we are today laying out four policy recommendations to make the UK an even more attractive place for the fusion industry to invest and grow.”
The FIA’s recommendations in include greater collaboration with industry, including publishing a renewed fusion strategy, which includes a fusion taskforce co-chaired between industry and government.
The government should also maximise the economic impact of current public programmes to stimulate fusion and its supply chains.
In addition, it should create clear processes for delivering private fusion projects and establish a clear, stable market framework for deploying commercial fusion.
Holland added: “The next five years are crucial. The UK must act swiftly to take advantage of its decades of investment in fusion and its global leadership on policy frameworks, to ensure it retains and expands its lead in this transformative industry.”
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