15 November 2021

Nordic opinions divided over COP26 agreement

Following India’s last-minute objections to the wording of the “phase out” of coal, the COP26 draft deal instead requires the “phase down” of coal use – something other countries reluctantly agreed to. Additionally, the final deal also requires the phase out of subsidies for fossil energy and invites countries to increase their climate targets by the end of 2022 in an attempt to keep the Paris Agreement 1.5°C target alive.

Nordic opinions are divided about the efficacy of the deal. The world’s most famous climate activist, Greta Thunberg, did not wait long to voice her opinion on the COP26 summit with a brief summary – “Blah, blah, blah. But the real work continues outside these halls. And we will never give up, ever”. Contrarily, Espen Barth Eide (AP), Minister of Climate and Environment in Norway claims that the draft deal is a “big step in the right direction”, alluding to a mutual agreement among countries of the world to increase efforts needed to achieve the Paris Agreement 1.5°C target. Truls Gulowsen, Head of Norges Naturvernforbund (Eng: Friends of the Earth Norway) does not share Barth Eide’s opinion, stating that the deal is weak and that “decisions from a climate summit that do not mention the phase out of fossil energy are like bringing up infection control without mentioning the coronavirus”. 

A similar difference in opinions was unveiled between the rivals Volvo and Scania. Scania’s Head of Sustainability, Andreas Follér describes the deal as a success, alluding to an agreement among 200 countries to adhere to the 1.5°C target. He continues that there are stronger and clearer guidelines for businesses to reach the 1.5°C target compared to the Paris Agreement from 2015, which now hinges on the implementation phase. disagrees that clear guidelines have been provided, stating that the question of a global carbon price, something Swedish businesses pushed for during the COP26 summit, required more attention. In order to stimulate the demand for fossil free transportation, a global price on carbon is needed according to Claes Eliasson, Senior Vice President Group Communication at Volvo Group.  (DI, Vårt land, VG). 

Swedbank included in Dow Jones Sustainability Index 2021

For the second year in a row, Swedbank is included in the Dow Jones Sustainability Index (DJSI) – a leading global index for the most sustainable businesses. Swedbank is included based on a Corporate Sustainability Assessment made by S&P, covering areas such as corporate governance, human rights, and climate change. Several measures have been taken by Swedbank to strengthen the bank's sustainability.

• Swedbank no longer finances unconventional production nor new exploration of fossil fuels.
• Swedbank has developed a concept for green equities (complement to bonds, commercial papers and loans), and issued three green bonds.
• Swedbank Robur, Swedbanks fund manager, has further strengthened climate targets and updated its policy for fossil fuel-related investments.

The target is to be ranked and acknowledged as one of the world’s most sustainable companies in the financial sector according to Erik Ljungberg, Head of Group Brand, Communication and Sustainability at Swedbank (Press release).

Autoliv and SSAB collaborate on fossil free steel

Autoliv and SSAB have entered a collaboration agreement on fossil free steel components used in car safety products. The partners will collaborate on both research and development of steel components used in seatbelts, airbags, and steering wheels – using SSAB’s fossil free steel. Autoliv has an annual consumption of circa 300,000 tonnes flat steel, whereof 110,000 tonnes are used in Europe according to Christian Swahn, Executive Vice President Supply Chain Management at Autoliv. The collaboration with SSAB marks a step towards Autoliv’s 2030 climate target of having carbon neutral operations within the organisation, and the 2040 climate target of having net zero emissions in its value chain (Dagens infrastruktur, DI).  

Hexicon collaborates with Worley to commercialise  offshore wind technology

Hexicon has entered a collaboration agreement with Worley regarding the design, construction, Engineering Procurement Fabrication (EPF), and the installation of Hexicon’s pilot project TwinWay in Norway. The TwinWay pilot, with an expected construction completion in 4Q22, is the first wind project using Hexicon’s offshore wind power platform and aims to verify and commercialise the patented technology. After the planning and design, Worley will take on the responsibility of the construction phase, which will occur in its own facility in Rosenberg, Norway (SvD).

European Energy acquires REintegrate

European Energy, a developer of renewable energy and PtX projects has acquired REintegrate as a part of an increased investment in the Power-to-X (PtX) sector – integrating REintegrate in a newly established PtX department in European Energy. With an increasing interest in PtX-solutions and eFuels, European Energy aims to use its position as a forerunner in Denmark’s PtX sector to look into hard-to-abate sectors, including the shipping- and plastic industry according to Emil Vikjær-Andresen, Head of Power-to-X at European Energy. As a part of the acquisition, a new office was established in Støvring, Denmark, the location of REintegrate’s offices. Earlier this year, an agreement between European Energy, REintegrate and Maersk was signed for the delivery of a minimum 10,000 tonnes of e-methanol annually to Maersk’s first e-methanol container ship, starting the year 2023 (Press release). 

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What we're reading

• COP26 global carbon market rules pave way for emissions credits boom (Financial Times)

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