26 June, 2023

Today's Top Nordic Green News:

• Plastretur and TOMRA Collaborate to Build Norway's First National Fine-Sorting Facility for Plastic Packaging
• Norwegian Oil Industry's Climate Target Challenging to Reach: Industry Report
• Ørsted Advances Unmanned Vessel Technology for Offshore Wind Measurement

Plastretur and TOMRA Collaborate to Build Norway's First National Fine-Sorting Facility for Plastic Packaging

Norwegian recycling company Plastretur is partnering with technology company TOMRA to build the country's first national fine-sorting facility for plastic packaging. The facility, located in Hobøl, Indre Østfold, will have a total capacity of 90,000 tonnes of plastic packaging per year and aims to be operational by the first quarter of 2025. Plastretur will be responsible for collecting the plastic packaging, while TOMRA will handle the sorting and sales. The facility is seen as a crucial step towards establishing a new national infrastructure for material recycling in Norway and will contribute to the development of a more circular plastic economy.

AMNYTT

Eidsiva and Hafslund Partner to Expand Onshore Wind Power in Norway

Eidsiva and Hafslund, owned by Innlandet County Council and municipalities, are collaborating to develop onshore wind power in Norway. The industry veterans aim to meet ambitious climate targets and increased demand for power and have begun assessing the potential for wind power in Eastern Norway. Eidsiva and Hafslundnd are also now engaging with municipalities and landowners. The development of onshore wind power is seen as cost- and time-efficient and can address local and regional power needs. With Statnett's latest report warning of a potential power deficit in southern Norway as early as 2025, utilising various renewable energy sources including onshore wind is crucial across the country for a secure energy supply.

NTB Kommunkasjon, MONTEL

Co-Founder of Battery Company Freyr Sells Shares Worth NOK 22 Million

Tore Ivar Slettemoen, co-founder of battery company Freyr, has sold 250,000 Freyr shares worth NOK 22 million. Slettemoen, an investor in green industries who recently moved from Norway to Switzerland, has gradually reduced his stake over the years. He now holds around 7 million shares, representing a 4.99% ownership interest. Slettemoen didn’t mention Freyr’s recent reconsiderations of construction plans in Norway in light of the recently passed US Inflation Reduction Act (IRA), which promotes green transition and emission cuts in the US. Instead, he cited the need to cover expenses as the reason for the sell-off. He expressed confidence in Freyr's future and stated that he would invest further if he had the cash. Additionally, Cayman Island company Sylebra Holding recently announced that it had sold its entire stake in Freyr.

E24

Norwegian Oil Industry's Climate Target Challenging to Reach: Industry Report 

This year’s annual status report from KonKraft on behalf of the Norwegian oil industry report suggests that the oil industry's climate target of a 50% reduction in emissions by 2030 may be challenging to achieve. The report outlines three emission scenarios, with the highest achievable cut being 50% through the use of new technology and "immature measures." However, the pace of transition in the shipping sector has slowed, and Norway is falling behind its goal of halving emissions from shipping by 2030. While the report highlights increased costs, a squeezed supplier market, a more demanding power situation, and grid capacity challenges as hurdles, it also mentions positive developments such as increased gas deliveries without emissions and lower emissions from domestic maritime activities. Additionally, there is potential for significant CO₂ storage on the shelf, almost equivalent to Norway's total greenhouse gas emissions.

 NRK, Kommunikasjon, Report

Ørsted Advances Unmanned Vessel Technology for Offshore Wind Measurement

Ørsted has developed an uncrewed surface vessel (USV) called Hugin USV for offshore wind farm met-ocean measurement campaigns. The USV collects crucial data on wind conditions, seabed status, and ecological measurements to reduce uncertainties in energy production projections. The USV offers advantages including increased data availability, improved safety, reduced carbon emissions, and lower costs for measurement campaigns. Based on the success of their prototype, serial production for the new generation of USVs has begun, with five vessels scheduled for manufacturing by the end of 2023.

Energy Island News, ING GridTech, Hydro International

What we’re reading

• Siemens Energy shares plunge after wind turbine problems deepen (Financial Times)
• A second life for EV batteries? Depends how long the first is (Reuters)
• EU must speed up emissions cuts to meet net zero climate target, says report (Financial Times)

The European Climate Neutrality Observatory (ECNO) report highlights significant gaps between the European Union's (EU) current progress and its climate targets. Despite the EU's positioning as a leader in climate policy, the report reveals that progress towards achieving its goals, including a 55% reduction in greenhouse gas emissions by 2030 and net-zero emissions by 2050, has been insufficient.

The report identifies sectors where progress has been particularly poor, such as forestry and finance. It emphasises that the EU needs to increase its annual climate investments by €360 billion to effectively transition to a net-zero economy by 2050. Additionally, the report indicates that the EU must make further cuts of 132 megatonnes of carbon dioxide equivalent annually to meet the 2030 goal, which is comparable to the output of 332 gas-powered stations.

Moreover, the report raises concerns about the lack of available indicators to assess the alignment of the financial system and trade policies with the Paris climate agreement. It also highlights the absence of EU policies aimed at helping consumers adopt more sustainable lifestyles and the insufficient progress in decarbonizing the agrifood sector. These findings underscore the urgent need for the EU to bridge the gap between its current progress and the ambitious climate targets it has set for itself.

---