1 November 2021

Norway to double annual climate finance contribution: NOK 14 billion in 2026

The Norwegian government is set to double Norway’s annual climate finance contribution from NOK 7 billion in 2020, to NOK 14 billion in 2026 according to Espen Barth Eide, Minister of Climate and the Environment. The financing target falls under the 2015 Paris Agreement, where developed countries committed to delivering $100 billion in annual climate financing to developing countries. The government is targeting financing from other sources than state-budgets, with an ambition to mobilise nine times as much in funding from private investors as from the public sector. In 2020, NOK 400 million of the total NOK 7 billion was sourced from privately mobilised funding (Press release).

Svea Solar raises SEK 160 million from business profiles: Aims to break billion-SEK 2021

Svea Solar maintains its rapid growth rate, counting on a turnover of SEK 1.1 billion in 2021 (SEK 636 million in 2020) and plans to double this figure by 2022, according to Erik Martinsson, CEO at Svea Solar. The Swedish energy company already received the “Supergasell” award in 2019 after showcasing growth of over 2,000% and recently raised SEK 160 million from Swedish business profiles – Fredrik Österberg (Founder of Evolution Gaming), Magnus Silfverberg (Former CEO at Bisnode and Betsson), and Johan Tjärnberg, (Founder of Bambora). This financial round is considered a strategic financial round, according to Martinsson, alluding to the gained competence from the three investors that have managed “hypergrowth” businesses. In total, Svea Solar has raised SEK 270 million which will be allocated to workforce employment, inventory expansion, and further investing in its platform that congregates different services for its solar cells (DI).

COP26: Time to deliver on new ambitious goals

Dansk Industri (Eng: The Confederation of Danish Industry) will present concrete climate measures to follow up on ambitious goals made during the COP26 summit in Glasgow. Dansk Industri will present its climate measures on the Danish pavilion, arranged by the State of Green. It is time to accelerate the green transition, and global political commitment and action is missing according to Lars Sandahl Sørensen, CEO at Dansk Industri – “We are going to Scotland to show what is needed and inform politicians that they need to up the tempo”. The solutions are present as the required technology for renewable energy production has matured – but it needs large investments. He continues by addressing the urgency of climate change and prompting the Danish government to be clear on the matter during the COP26 summit (Press release).