The International Atomic Energy Agency (IAEA) is an international organization that

seeks to promote the peaceful use of nuclear energy. The IAEA has two "Regional

Safeguards Offices" which are located in Toronto, Canada, and in Tokyo, Japan. The
IAEA has its headquarters in Vienna. The IAEA also has two liaison offices which are
located in New York City, United States, and in Geneva, Switzerland. In addition, the
IAEA has three laboratories located in Vienna and Seibersdorf, Austria, and
in Monaco.This organization also allows the use of nuclear energy for any military purpose,
even including nuclear weapons. The organization was established on 29 th of July in the year
of 1957. It was started as an autonomous organization. The IAEA serves as an
intergovernmental forum for scientific and technical cooperation in the peaceful use
of nuclear technology and nuclear power worldwide. The programs of the IAEA encourage
the development of the peaceful applications of nuclear technology, provide international
safeguards against misuse of nuclear technology and nuclear materials, and
promote nuclear safety (including radiation protection) and nuclear security standards and
their implementation.

WNA director general Agneta Rising said that only nuclear energy can help the
world's growing population "have a decent life" whilst at the same time ensure the
planet avoids further damage from climate change. "We must move beyond our
dependence on fossil fuels if we are to continue social and economic development
across the world," she said. The share of nuclear energy in the world's electricity mix
needs to grow from 11% currently to 18% by 2050, she said, citing an International
Energy Agency forecast. The industry needs to address the challenges of "ill-advised
and politically motivated opposition to nuclear power" and "deregulated markets that
ignore the benefits of nuclear power as a clean and reliable source of electricity", she
said. "We need to ensure that nuclear plays its rightful role in supporting global,
regional and local social and economic development. Rising also cited the OECD
NEA, which in 2010 forecast that nuclear energy capacity would increase to about
1200 GWe by 2050. The Paris-based agency reduced that forecast after the
Fukushima accident and the global financial crisis to 930 GWe, which will be 17% of
global electricity demand. More than 60 reactors are under construction in 13
countries, she said, adding that this is not enough to keep pace with demand. The
OECD NEA has said that, in order for nuclear to reach its deployment targets under
the agencys 2 degrees Celsius scenario, annual connection rates of nuclear power
should increase from 5 GWe in 2014 to more than 20 GWe during the coming
decade.
State and local economies are hugely boosted by advanced nuclear energy facilities.
It also produces lots of jobs, related taxes and influences directly on the economy of
the region
On average, a nuclear energy facility generates $470 million in sales of goods and
services in the local community and nearly $40 million in total labor income annually.
Each year, it pays about $67 million in federal taxes and almost $16 million in state
and local taxescrucial revenue that benefits schools and other infrastructure and
programs. Nuclear Energys Economic Benefits-The direct output reflects the plants
annual electricity sales-approximately $453 million. The secondary effects at the
local level-approximately $17 million-include indirect and induced spending
attributable to the presence of the plant and its employees as plant expenditures
filter through the local economy. There are also secondary effects outside the local

area, at the state and national level. For a nominal 1,000-megawatt nuclear plant,
these secondary effects are $80 million and $393 million, respectively. Analyses of
23 U.S. nuclear power stations representing 41 reactors show that every dollar spent
by the average reactor results in the creation of $1.04 in the local community, $1.18
in the state economy and $1.87 in the U.S. economy. The average nuclear plant
pays about $16 million in state and local taxes annually. These tax dollars benefit
schools, roads and other state and local infrastructure. The nuclear plant also pays
federal taxes of $67 million annually. Construction of a nuclear energy facility
provides a substantial boost to suppliers of concrete, steel and other commodities as
well as to manufacturers of hundreds of components. For example, each new reactor
requires approximately 400,000 cubic yards of concreteas much concrete as
needed to build the Pentagonand enough electric wiring to stretch from Boston to
Philadelphia.
Each year, the average 1,000 megawatt nuclear plant generates approximately $470
million in economic output or value. This includes over $35 million in total labor
income. The importance of nuclear energy to medicine cannot be overstated, said
Julio De Vido, minister for planning in Argentina, which accounts for 5% of the
worlds production of molybdenum-99, a radioisotope used for the treatment of
cancer and tumours. Mikhail Chudakov, IAEA deputy director general, added that the
Vienna-based agency had provided specialized diagnostic equipment to help African
states, including Guinea, Liberia and Sierra Leone in their efforts to combat the
Ebola Virus Disease. IAEA missions to Africa would increase, he said, to help the
continent as it prepares to enjoy the benefits of nuclear power.
Our empirical findings have major policy implications as follows. First, the panel
results showed that there is bidirectional causality between nuclear energy
consumption and economic growth. This interdependence suggests that energy
policies designed to increase the production and consumption of nuclear energy will
have a positive effect on economic growth. Moreover, given the reduction in the
emission of air pollution and greenhouse gases associated with nuclear energy,
there is also a positive spill-over to the environment. Similarly, the positive influence
on economic growth from the use of nuclear energy further enhances the viability of
the nuclear energy sector over time. In order not to adversely affect economic
growth, efforts must be made to encourage government and industry to increase
nuclear energy supply investment and to overcome the constraints on nuclear
energy consumption. Second, we find that a unidirectional causality running from
real income to nuclear energy consumption exists for the panel of countries. This
implies that economic policies that speed economic growth and development will
lead to increases in renewable energy consumption, i.e. high economic growth leads
to a more environmental degradation, which increases the use of renewable energy.
Accordingly, government policies that can increase economic growth and wealth
generation should include good monetary and fiscal policies, an economic landscape
free of corruption, well-functioning labour markets, and policies that focus on
increasing innovation and productivity.
Thus we can conclude that, such new technologies and strategic companies have a
huge impact on the global economy.