Episode 1317: Think Tank: Rising defence spending in Europe could give big boost to chemicals
Moves by Germany and across Europe to boost defence spending could give a significant uplift to the region’s beleaguered chemical industry.- Need to maintain robust national or regional supply chains may benefit chemical industry in Europe, which is threatened with closures- German defence/infrastructure spending boost could be 2% of GDP, larger than increase linked to German reunification, post-war Marshall Plan- Rising defence spending in Europe would help boost electricity demand significantly, estimates vary from 7%-30%- Data-driven technology for defence would also raise electricity demand- Will raise demand for gas and renewable-based power- Europe will need to become more self-sufficient in energy, driven by renewables