Australia’s Uranium to Add $17 Billion to GDP by 2030

Australia’s Gross Domestic Product would be boosted by A$17 billion by 2030 if it maximized its supply role in burgeoning global demand for nuclear-based cleaner energy, according to the country’s major uranium lobby group. Speaking at the Paydirt 2009 Uranium Conference, Australian Uranium Association Executive Director Michael Angwin said the GDP boost would occur if the nation responded fully to the opportunities by the world’s shifting energy portfolio.

This shift was moving toward the alternatives to fossil fuels—renewable and nuclear power. “On our modeling of action to address climate change, including carbon pricing assumptions, even the more conservative of those scenarios sees demand for nuclear energy doubling by 2030,” said Angwin. “For Australia, with 38% of the world’s lowcost uranium resources and 19% of current uranium supply, this presents a range of opportunities. A full response to that would see Australia’s uranium production and exports increasing to about 37,000 metric tons per year by 2030— worth A$17 billion in higher GDP. On known commodities forecasting, Australia would generate uranium exports of 14,000 mt in 2014, earning revenues of nearly A$1.7 billion, all on already known growth contributors to the world’s nuclear energy industry.”

As featured in Womp 2009 Vol 03 -