15 December 2022
Statistics Finland updates operational indicators for the circular economy
The business indicators for the circular economy developed by Statistics Finland have now been updated for the latest statistical year. The aim of the survey is to produce indicators describing the extent and development of circular economy operations in Finland. Preliminary data shows that biogas utilisation in 2021 has increased for the first time in many years. Domestic material consumption, material intensity and total waste have decreased slightly as a result of reduced consumption of natural resources. A positive development is also observed in the production indicator, which measures, among other things, the number of people employed in the circular economy sector in education, along with the circulation of materials.
However, total employment in the circular economy sector declined in 2020. The expected developments are also seen in the logistics sector. For example, the share of empty goods transport in truck traffic has declined in recent years. The new municipal waste data also do not paint a very positive picture of the development of waste quantity and reuse. In 2020, the amount of waste increased only slightly from the previous year, but the recycling rate dropped significantly, from 42% to 37%. Utilization as material was replaced by energy utilization more than before.
Norway’s support for renewable energy investments in developing countries doubled in 2022
This year, Norway signed an agreement to provide support of almost NOK 260 million to companies wishing to invest in renewable energy in developing countries. This is twice as much support as last year. The Renewable Energy Business Support Programme is managed by Norad, and provides support to companies in all developing countries for renewable energy, energy access or other clean energy solutions. The scheme provides grants to carry out initial research, pilot production, infrastructure development, guarantees and risk insurance premiums or staff training. The start-up phase is often particularly risky, and the support enables companies to take subsequent steps on their own. The scheme is open to both Norwegian and international companies, and companies that have not previously received support are encouraged to apply.
Sweden's electricity demand is likely to have doubled by 2035
On 15 December, the first multi-agency follow-up on the electrification of society was handed over to the Swedish Government Offices. The task will be reported on annually until 2024. The aim is that the scenarios and assessments during the mandate will gradually become more in-depth and detailed in order to provide the best possible basis for planning and decision-making. The report analyses Sweden's future electricity demand, among other things. The survey looks at a number of strategically important issues for social electrification, including future electricity demand and capacity of the electricity system, infrastructure for charging and hydrogen, the speed of grid expansion, and the development of the electricity market.
Wind farms in Baltic Sean may prevent ship traffic during winter
Sweden is investing heavily in industry in the north. These investments will also lead to an increase in ship traffic activity in the northern Baltic Sea region. At the same time, Finland is planning to build wind farms in the Baltic Sea. The Swedish Maritime Administration says that if multiple wind farms are built in the Gulf of Bothnia, ships may find it difficult to navigate in the winter. The close proximity of multiple wind farms to each other could result in them blocking icebreakers and ships. If icing conditions are severe, ships will have to be diverted. The Swedish Maritime Administration would like to see more studies from Finland and Sweden to investigate whether the wind farms have any negative effects.
Equinor backs Nexsphere’s 1 GW offshore wind farm in Tasmania
Norwegian oil company Equinor has backed Australian renewable energy company Nexsphere's offshore wind plans to build a 1 GW project off the northeast coast of Tasmania. The two companies are working on an agreement, expected to be completed in the first half of 2023, to collaborate on the proposed Bath Offshore Wind Energy (BOWE) project. The project, first proposed by Nexsphere (formerly Brookvale Energy) about a year ago, would see up to 70 wind turbines installed off the Tasmanian coast and connected at Georgetown, near the proposed Marius Link subsea cable to the mainland. The project also looks at the large green hydrogen and green ammonia facilities planned for Bell Bay by companies such as Fortescue, Woodside and Origin, and the potential for future electricity export to Victoria via Marius Link.
Royal Caribbean and Finnish Government announce plans to build climate-neutral cruise ships
Royal Caribbean, together with the Finnish government, has signed an agreement with Meyer Turku shipyard committing to a plan to produce climate-neutral ships in Finland. Both the cruise giant and the Finnish Government are looking to develop a roadmap for a green transition in the maritime industry as a way forward for innovative and sustainable shipbuilding in Finland. The declaration was signed by the Finnish Government, represented by the Ministry of Economic Affairs and Employment, and Meyer Turku Oy.
Chevron and Baseload Capital partner on US geothermal project
Chevron New Energy, a low-carbon fuels business unit of US oil giant Chevron, and Baseload Capital, a Swedish investment and development company, have formed a joint venture to develop geothermal projects in the US. The two companies will work together to advance geothermal opportunities - including identifying the best prospects for development, operation and advancing next-generation geothermal technologies from pilot scale to commercial scale. The first project will be located in the Vipar Mountains in Nevada, USA. The two companies will pursue development opportunities in Esmeralda County, where previous geothermal research and advanced exploration data already exists. The joint venture aims to leverage the geothermal operating experience of both companies, combined with the core competencies of the traditional oil and gas industry, particularly in the subsurface, wells, drilling and completions, to advance new and scalable geothermal technologies that harness the Earth's core heat.
Nordic Capital to acquire Autocirc
Nordic Capital has signed an agreement to acquire Autocirc, a company with a recycling business model based on a complete ecosystem of original spare parts for reuse and recycling in the automotive industry. The acquisition comes from Alder, a Nordic sustainable investment fund, which aims to accelerate Autocirc’s growth plans and further strengthen its recycling offering to significantly reduce CO2 emissions from the automotive industry. The transaction is expected to close in 1Q23 and is subject to customary regulatory approvals.
TECO 2030 completes production of first fuel cell stack
TECO 2030 has announced the completion of production of the world's first fuel cell stack developed and specifically designed for heavy duty and marine applications. The celebration was held in Vancouver, Canada, where AVL has a global centre for proton exchange membrane (PEM) fuel cell stacks. The event was attended by key management from TECO 2030 and AVL, as well as a number of TECO 2030's investors. TECO 2030 said the company is industrialising its fuel cell stacks to move towards volume production.
Finnfund's investment brings domestic geothermal power to Kenya's grid
Finnfund, the African Development Bank (AfDB) and the South East Africa Trade and Development Bank (TBD), will provide a total loan investment of USD 72 million to the Menengai Geothermal Energy Project in Nakuru, Kenya. The project is owned by Globeleq, one of Africa's private energy companies, and the Menengai project is part of a larger geothermal energy project in which the Kenyan Government has been investing for many years. Construction is expected to commence in 1Q23 and Globeleq is responsible for the operation and maintenance of the power plant. Commercial deployment is expected to take place in 2025. The steam for the plant will be provided by Kenya's state-owned Geothermal Development Company (GDC) under a 25-year contract. Once the plant is commissioned, the electricity will be sold to Kenya Power, the national electricity distributor.
What we're reading
- Walkouts and tensions as row over finance threatens to derail Cop15 talks (The Guardian)
- Wealthy nations offer Vietnam $15bn-plus deal to shift from coal (Financial Times)
- HSBC to stop funding new oil and gas fields as part of policy overhaul (Reuters)
- Barclays turbocharges 2030 sustainable finance target to $1 trillion (Reuters)
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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