21 September 2022
Norwegian wealth fund to push for net-zero emission goals
Norway's USD 1.2 trillion wealth fund, the world's largest, has said it would decarbonise its holdings by pushing firms to cut their GHG emissions to nil by 2050, in line with the Paris Agreement. The plan follows a proposal made in April by the Norwegian government, which said the fund should push the 9,300 companies it invests in to cut their emissions to nil by 2050. The fund reiterated it would not divest from big emitters to achieve these targets. Instead, it will be an "active shareholder" to effect change.
Norwegian PM Støre participated in New York Climate Week and Norway will work to develop more renewable energy in developing countries
Norway’s Prime Minister Jonas Gahr Støre said that Norwegian companies have world-leading expertise and extensive experience in offshore facilities, hydrogen and oil technologies during Climate Week in New York.. Equinor is one of the Norwegian companies that is heavily involved in renewable energy investments in the US. Its wind power project off the coast of New York will power nearly 2 million American homes, which makes it the largest offshore wind developer in New York.
Meanwhile, Støre says 3.6 billion people live in energy poverty, representing half of the world's population, but they receive too little of the world's energy funding. He said Norway has agreed to join the Global Energy Coalition for People and Planet and will lead its global board. The goal of the Alliance is to bring electricity to more people in poor countries, and this should be achieved by developing renewable energy sources rather than fossil fuels. The Prime Minister's Office said the Alliance aims to create 150 million new jobs, avoid 4 gigatonnes of CO2 emissions in the future and enhance access to energy for 1 billion people.
Everfuel, DAT and Universal Hydrogen agree partnership to enable DAT to achieve zero domestic aircraft emissions in Denmark by 2025
Everfuel Denmark will build its first Power-to-X plant in Fredericia, which will supply hydrogen to aircrafts, while Universal Hydrogen will transport the hydrogen and build the aircraft. As a final part of the partnership, DAT will operate these new aircrafts on domestic routes. The aircraft will have up to 56 seats and will be powered by a fuel cell, converting hydrogen into electricity to power an electric motor. The aircraft will not emit carbon dioxide or other particles. According to the DAT Director Jesper Rungholm, DAT could have green planes in the air by 2025, when the Danish government plans to introduce a green flight levy, and have 100% green flights 'within reach' by 2030.
tv2/bornholm, brintbranchen, DR
Denmark provides DKK 100 million for climate adaptation and climate-induced losses and damages for the world's poorest
Denmark has decided to provide DKK 100 million for climate adaptation and climate-induced losses and damages for the world's poorest. The new climate funds strengthen Denmark's global efforts in the climate area and the goal that at least 60% of climate aid must go to climate adaptation
SOLTECH acquires 100% of Jönköping AB's TAKAB for a turnover of SEK 120 million
Soltech Energy Sweden AB has acquired 100% of Jönköping AB's (Takab) shares in Takab, a family-owned company specialising in large, low-slope flat roofs for large commercial properties. The company expects a turnover of approximately SEK 120 million in 2022 with good profitability. Takab has approximately 30 employees who work at the company's headquarters in Jönköping. The acquisition strengthens the group's capabilities in roofing contracting and it is now planned to integrate solar energy into Takab's offer.
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First power from the world's largest offshore wind farm
Hollandse Kust Zuid (HKZ) will be the world's largest offshore wind farm when it is completed in 2023. This offshore wind farm, which is owned by BASF, Vattenfall and Allianz, is still in the testing phase. When completed, the park will have a total installed capacity of 1.5 GW and will generate the equivalent of electricity for 1.5 million Dutch households per year. HKZ starts construction in the summer of 2021 and is located between 18 and 35 km from the Dutch coast. The wind farm will consist of 140 turbines, each of 11 MW. Although the park is still in the testing phase, the turbines installed delivered their first electricity via a converter station offshore and into the Dutch grid in early August. BASF will use its share of the electricity to support chemical production at plants across Europe. Vattenfall will use the HKZ to provide fossil-free electricity to its customers in the Netherlands. “This wind farm will be an important part of the renewable power supply from our integrated facility in Antwerp and other European facilities.
Steel giant SSAB and Oshkosh Corporation start cooperation in fossil-free steel applications
SSAB and Oshkosh Corporation, an actor in the field of mission-critical vehicles and critical equipment, have reached an agreement to begin cooperation in the field of fossil-free steel. SSAB President and CEO Martin Lindqvist said they are pleased to welcome Oshkosh Corporation to their partner group. Oshkosh is the first company in the US to develop prototype commercial and industrial vehicles using fossil-free steel. Oshkosh also expressed its pride in this global collaboration with SSAB.
Tibnor - SSAB's key channel for a fossil-free steel future
In 2026, SSAB will start supplying commercial fossil-free steel to the market. The steel is made from hydrogen-reduced iron, a CO2 free process. SSAB has not changed its basic strategy. The Nordic home market remains an important cornerstone, in which Tibnor is an important distribution channel for small and medium-sized construction and industrial companies. Therefore, SSAB's subsidiary Tibnor intends to distribute the fossil-free steel to customers throughout the Nordic region. In addition to working with SSAB on the distribution of fossil-free steel, Tibnor is also focusing on reducing the carbon footprint of the transport process.
Elcowire and NKT supply cable system for wind turbine project Dogger Bank C
Swedish copper company Elcowire, together with its power cable customer NKT, has taken a step to supply a low carbon copper-based cable system for the third phase of power generation at the world's largest offshore wind farm project, Dogger Bank C, located off the north east coast of England. The reduction in emissions due to the use of low carbon copper is estimated at over 23,000 tonnes of CO2, equivalent to driving an average of 7,700 petrol powered passenger cars per year. As a result of Elcowire's commitment to supporting the global transition to sustainable raw materials, the company has produced and sold low carbon copper products with less than half the carbon footprint of conventional copper wire and other products. This is the result of close cooperation with Boliden, a metal company that extracts copper from Swedish mines.
Vianode invests NOK 2 billion in battery materials plant in Norway
Vianode, a company owned by Elkem, Hydro and Altor, has decided to invest in a new sustainable battery materials plant in Herøya, Norway. The investment of approximately NOK 2 billion will contribute to the creation of new industrial jobs and the production of key battery materials. The investment in the Vianode battery plant is Hydro's largest battery investment to date, and is a step in the work to establish a complete battery value chain in Norway for the European market. By 2024, the Herøya Industripark plant in Telemark will produce anode materials to meet the demand for approximately 20,000 electric vehicles per year.
The investment is the first part of a larger investment plan. The project is being set up in parallel with preparations for the next phase of development, which aims to supply battery materials for two million electric vehicles per year by 2030. This would represent a significant share of the global electric vehicle market. Vianode produces graphite materials that emit 90% less CO2 than today's standard materials. These materials improve battery performance and contribute to faster charging, increased range and longer life, as well as improved safety and easier battery recycling. Vianode's products are developed on the basis of expertise in high-temperature processes, closed production systems, low energy consumption and renewable energy.
CarbonClear demonstrates a new data-driven carbon credit model
At the Clinton Global Initiative (CGI) 2022 conference in New York on 19 September 2022, Danish scale-up CarbonClear presented its commitment to action: transforming the carbon market using their data-driven, inclusive carbon credit issuance model. By leveraging data points from their funded CO2 projects, the CarbonClear model is able to generate third-party verified credits quickly, reliably and cost effectively. Through a real-time, transparent and secure technology infrastructure, CarbonClear provides traceable progress and links funding to sustainable solutions, “eliminating the heavy audit costs that keep carbon finance out of reach of today's underfunded communities.” With minimal costs and instant verification, quantifiable emissions reductions are released in just 3 months, rather than the 3 years faced in today's market. CarbonClear says that it has already proven its transformative model through off-grid solar projects in Africa and Latin America and is planning three further technology streams to expand its inclusive value chain. With funding from participants at the Clinton Global Initiative, CarbonClear intends to scale up its organisation and Advanced Market Commitment (AMC), and consolidate its model as the new standard for carbon credits. The company wishes to unlock the full potential of an exponentially growing voluntary carbon market, forecast to grow 100-fold by 2050.
What we're reading
- Germany takes over Uniper for $8 billion in rush for winter gas (Reuters)
- UK eases pressure on business by halving energy bills this winter (Reuters)
- Fortescue to spend $9.2bn on wind, solar, batteries and hydrogen to reach net zero by 2030 (RenewEconomy)
- U.S. could dodge EU carbon border levy, bloc's climate chief says (Reuters)
- Norway’s $1.2 Trillion Investment Fund Sets 2050 Climate Target (NY Times)
- US banks threaten to leave Mark Carney’s green alliance over legal risks (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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