1 June 2023
Today's Top Nordic Green News:
- Denmark to become net exporter of offshore wind power with largest-ever procurement
- Swedish power grid faces challenges in maintaining power balance
- Einride to supply thousands of electric trucks to the United Arab Emirates
Denmark to become net exporter of offshore wind power with largest-ever procurement
Denmark is set to carry out the largest ever procurement of offshore wind power, aiming to reach a total capacity of 9 GW by 2030, with a possibility of expanding to 14 GW or more. This move will make Denmark a net exporter of wind power electricity and green hydrogen, contributing to its transition to renewable energy sources. The procurement is based on a political agreement among multiple parties, emphasising both the green transition and economic benefits. The wind farms will operate without government support, with concession fees paid to the state and 20% state ownership of each project. The plan also includes social clauses, climate and environmental requirements and investment in infrastructure and power lines. Denmark's commitment to offshore wind power aligns with its goal of achieving a green energy transition.
Swedish bank makes first European purchase of biodiversity credits
Swedish bank, Swedbank, has made the first-ever purchase of European biodiversity credits from a domestic forestry project. The bank bought 91 credits from Orsa Besparingsskog, a forest cooperative in central Sweden, using a methodology developed by experts from the Swedish University of Agricultural Sciences. Biodiversity credits provide economic incentives for forest owners to preserve and develop forests with high natural values, serving as an alternative source of income. The project aims to conserve or restore biodiversity through actions such as increasing deadwood and improving forest management. While the biodiversity credit market is still in its early stages, there is growing interest from commercial actors, and a UN-backed forum is working on a demand concept for biodiversity credits expected to be released in August.
OX2 divests wind farm in Italy of 27 MW
OX2 has signed an agreement to sell a 27 MW onshore wind farm in Foggia, Italy to Glennmont Partners. This is OX2's first sale in Italy, and the transaction is expected to be completed in the third quarter of 2024. OX2 will own the project during the construction phase and will hand it over to the buyer once production begins. Construction is scheduled to start in August 2023 and be completed in September 2024. OX2 will be responsible for the technical and commercial management of the wind farm for a five-year period after it becomes operational.
Swedish power grid faces challenges in maintaining power balance
The Swedish power grid is facing challenges in maintaining power balance due to the increasing electricity consumption and insufficient new electricity production. Without adequate measures, there may be a risk of power shortage during the peak load hour in winter. The Power Balance Report by Svenska kraftnät highlights the need for imports to meet the negative power balance in Sweden. While the prospects for gas deliveries to the EU are improving, the power balance could be significantly affected if there is a loss of electricity production similar to the previous winter. The report predicts a future negative power balance during peak load hours, particularly in 2025/2026 and subsequent winters, due to insufficient new electricity production and the predominance of wind power with limited availability during peak load hours. The authors emphasise the importance of timely implementation of large projects to address the power shortage. Measures such as expanded power reserves, capacity markets and increased consumption flexibility need to be implemented to manage power shortages effectively.
Einride to supply thousands of electric trucks to the United Arab Emirates
Einride has signed an agreement with the United Arab Emirates to supply thousands of electric trucks to the Gulf state. The agreement includes the delivery of 2,000 electric trucks, 200 self-driving trucks, charging stations, and charging points. The collaboration aims to reduce emissions and increase efficiency in the transport industry. Einride has been expanding its operations outside of Sweden and sees this partnership as an opportunity to showcase the transition to sustainable and electric transport on a regional scale.
Innovation Norway grants Aker Horizons up to NOK 135 Million for green hydrogen facility
Aker Horizons Asset Development (AAD) has been awarded up to NOK 135 million in grants and loans from Innovation Norway to establish a large-scale production plant for green hydrogen in Rjukan. This innovative project aims to develop new technology for the production and commercialization of green hydrogen, contributing to Norway's green transition and increased mainland exports. The facility, expected to create new jobs and promote industrial growth in the region, will utilise surplus heat to produce hydrogen, reducing the need for intermediate storage and addressing economic, technical and safety challenges. The project aligns with the government's roadmap for sustainable hydrogen production, distribution, and usage. If successful, the initial 20 MW plant could expand by an additional 20 MW, with a potential production start in 2025.
SSAB and Finnish Ponsse forge partnership to introduce fossil-free steel in forest machinery
SSAB has announced a partnership with Finnish Ponsse, a forest machine manufacturer, to gradually supply fossil-free steel to Ponsse starting in 2026. This collaboration strengthens Ponsse's commitment to sustainable forestry and brings SSAB closer to its goal of creating a fossil-free value chain. By using SSAB's Fossil-free™ steel, Ponsse aims to reduce carbon dioxide emissions in forest machines and promote innovation while respecting nature. SSAB plans to revolutionise the steelmaking process and deliver fossil-free steel on a commercial scale by 2026, significantly reducing carbon emissions from its operations by around 2030. The company is working with partners in the HYBRIT project to develop a value chain for fossil-free iron and steel production, effectively eliminating carbon dioxide emissions from steel production.
COWI expands through strategic acquisitions, strengthens position in green energy consulting
COWI, a consultancy company, has made strategic acquisitions by taking over Icelandic firm Mannvit, known for its expertise in green energy and employing 280 professionals. This acquisition aligns with COWI's growth ambitions and reinforces its position in the green transition sector. The move will enhance COWI's market presence in the Nordic region, where investments in the green transition are on the rise. Both COWI and Mannvit have strong capabilities in energy, infrastructure, and industry, with Mannvit's specialisation in geothermal energy and hydropower adding valuable skills. The collaboration aims to create sustainable solutions that improve the quality of life and drive the development of a sustainable future.
Helen building a hydrogen valley in the Baltic Sea region
Finnish Helen is involved in the BalticSeaH2 project, which aims to establish Europe's first cross-border hydrogen valley in the Baltic Sea region. The project, funded by the European Union, focuses on the large-scale introduction of clean hydrogen in various industries. Helen aims to become a key player in Finland's hydrogen economy by enhancing its hydrogen-related capabilities. The project brings infrastructure to the region, enabling industries to transition away from fossil fuels and increase energy supply security. Green hydrogen can be used in sectors such as steel production, shipping and fertiliser manufacturing. Helen is developing the Helsinki Hydrogen Hub pilot plant, integrating hydrogen production with electricity, heating, transport and energy storage to contribute to carbon neutrality and the renewable energy system.
What we’re reading
- Nature Restoration Law on knife edge as centre-right EPP walks out on talks (Euractiv)
- Indonesia and Malaysia freeze trade talks with EU over palm oil (Financial Times)
- Renewable energy drive to lift capacity by a third in 2023, IEA says (Financial Times)
About Nordic Green News
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.
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