26 October 2022
CIP and Ørsted partner to develop more offshore wind energy
Ørsted and Copenhagen Infrastructure Partners (CIP) have entered into a partnership to develop 5.2GW of offshore wind in Denmark across four projects, saying that the partnership can accelerate the green transformation greatly, create value in the offshore wind industry, strengthen value- and job creation, and creating a Danish business and export stronghold within Power-to-X.
The 4 projects are Vikinge Banke (1.1 GW) and Jyske Bank Nord (1.1 GW) in the North Sea and Bornholm Bassin Syd (1.5 GW) and Bornholm Bassin Øst (1.5 GW) in the Baltic Sea. If approved by the authorities, the projects could be ready as early as 2027. In Denmark, offshore wind energy can be permitted through a special scheme where the project developer takes the initiative in terms of project, size and location. The Danish Energy Authority must issue three permits before it will allow the installation of an offshore wind turbine. These are a feasibility study, an installation permit and an energy development permit.
Ørsted enters Australia with big project plans
Ørsted, the world's largest offshore wind developer, has confirmed plans for a major investment in Australia, with an initial focus on the country's first offshore wind area in Gippsland, Victoria. The Danish company's newly appointed Head of Asia Pacific, Per Mejnert Kristensen, said the company has been looking at developments in Australia for many years, as well as opportunities for offshore wind, onshore wind, solar and PtX. Kristensen said that Ørsted's initial focus is on a gigawatt project in the Victorian Gippsland offshore wind region, which is likely to be formally announced soon for a first detailed feasibility study. The company is also about to open its first permanent Australian office in Melbourne.
WWF and Ørsted form global partnership: Promoting solutions for climate and marine biodiversity
On 26 October, WWF and Ørsted announced a five-year global partnership to use offshore wind power to bring together biodiversity and climate action. Ørsted and WWF will work together to identify, develop and test solutions to restore vital ecosystems in the world's marine areas, while working to promote offshore wind power that not only balance nature, but also to go further and enhance biodiversity. This five-year partnership is launching a joint project to restore the North Sea's ecosystem. Supported by leading scientists in the field, the restoration project will test and refine methods to rebuild oyster (Ostrea edulis) and horse mussel (Modiolus modiolus) populations on a large scale. Ørsted and WWF's global leadership in renewable energy and nature conservation will together set the direction for global offshore wind development.
EU bank EIB provides €500 million loan to support AB Volvo's new industrial research for electric vehicles
EU bank EIB supports AB Volvo's industrial research in new, innovative, clean transport technologies for electric vehicles with a EUR 500 million loan. The EIB loan will support investments in research, development and innovation in commercial electric vehicles, active and passive safety and autonomous vehicle technologies, as well as in improving the energy efficiency of non-propulsion systems. The project will create around 900 R&D jobs in Europe, particularly in Sweden and France, and gradually reduce CO2 emissions from the automotive sector. The project will focus on the electrification of commercial vehicles, which are still in their early stages and have a much lower market penetration than passenger cars and light commercial vehicles.
Finnish Climate Panel: National fuel emissions trading can help Finland meet climate targets
According to the Finnish Climate Panel, emissions trading is a cost-effective and safe way of meeting transport emissions targets and could be implemented in 2026 through the sale of emission rights to fuel distributors. The goal is for motorists to find alternatives to expensive, high-emission fossil fuels. An emissions trading system for road transport creates a market for CO2 emissions from fuels used on the road. According to the proposal, fuel distributors should buy the emission rights, with the price influenced by the amount of emission reductions required. Emissions trading could prompt the industry to invest in new technologies. Markku Ollikainen, Chairman of the Finnish Climate Board, said that some countries have already introduced emissions trading in road traffic with good results. Among others, China, Germany, South Korea, Canada and the state of California are in the process.
Neste supplies over 1 million tonnes of renewable aviation fuel to Air France-KLM Group
Air France KLM Group and Neste are now demonstrating the expansion of their existing cooperation and strategic partnership, which means that Neste will supply the group of companies with Neste MY Renewable Aviation Fuel™. The fuel can be used directly in existing aircraft engines and in the existing infrastructure of airports, without new investments. Neste My Renewable Aviation Fuel is produced using raw materials from 100% sustainable sources of waste and residue products such as used cooking oil and animal fat. Starting in 2023, Neste will supply over 1,000,000 tonnes of Neste MY Renewable Aviation Fuel™ to the Air France KLM Group over a period of eight years, reducing GHGs by up to 80% over the lifetime of the fuel compared to the use of fossil aviation fuel. This agreement is one of the first of its kind in the aviation industry and is one of the measures taken by the Air France-KLM Group to fulfil its commitment to contribute to a more sustainable aviation industry.
Wärtsilä plunges on Helsinki Stock Exchange, but sees future for cleaner solutions
Shares in the Finnish engineering group, Wärtsilä, plunged on the Helsinki Stock Exchange. The company's profitability was under pressure from older orders for which price increases could not be implemented. Compared to last year, the operating result was down by 6%. The lower-than-expected earnings caused the stock to fall by up to 12%, before recovering somewhat. The biggest reason for the deterioration was cost inflation. Most importantly, this was related to higher energy prices. Although the world is now entering a more uncertain economy, the CEO does not expect the decarbonisation trend away from fossil fuels and towards renewable fuels to slow down.
In the marine sector, Wärtsilä has solutions to reduce emissions and save energy in shipping fleets, and on the energy side, engines and battery solutions are the focus. According to CEO, Håkan Agnevall, "We have to get through decarbonisation regardless of the economy. We see it happening here and now in the United States. Given the high energy prices, there is a short-term focus in Europe on getting through this winter in a sustainable way, but there is a big focus on renewable energy."
Risk of less interest in wind power due to Swedish Tidö Agreement
In the Tidö Agreement signed by the Moderates, the Christian Democrats, the Liberals and the Swedish Democrats, the parties seem to want to stop subsidising offshore wind cables. Svenska Kraftnät believes that if the Swedish Government's electricity market plan becomes a reality, there will be less interest in building offshore wind power. According to a compilation by Dagens industri, in the midst of the electricity crisis there have been applications to build offshore wind farms in southern Sweden at a cost of up to SEK 400 billion. Several companies, including wind power giant OX2, do not see their projects as being threatened by the new proposal, but others such as Vattenfall believe that the planned wind farm in the Swedish part of Kriegers Flak could be in danger.
The Swedish Association of Industrial Employers: "It's impossible to focus solely on nuclear power"
The Swedish Association of Industrial Employers (Industriarbetsgivarna) fears that the Tidö Agreement between the Swedish Government and the Sweden Democrats could slow down industrial change in the North. Energy policy and labour migration are two areas where it is lacking. Per Hidesten, CEO of Industriarbetsgivarna, says Sweden can't focus only on nuclear power. He says plans for H2 Green Steel, LKAB, SSAB and others leave the north in need of a lot of power. To cope with the pace of conversion, a fast and faster permitting process is needed to provide new energy sources. Sweden has to have a lot of wind to deal with this.
Request for written input for hydrogen charging infrastructure and storage tank infrastructure
There is now an opportunity to submit written comments on the Government's mission to develop an action plan for hydrogen charging infrastructure and storage tank infrastructure by 31 October. The Swedish Transport Administration (Sw. Trafikverket) and the Swedish Energy Agency (Energimyndigheten) must report on the mission in full to the Government by 1 November 2023. Partial reporting must be no later than 1 February 2023 for the mission, i.e. policy review instruments and regulations.
What we're reading
- ‘It’s the fault of climate change’: Pakistan seeks ‘justice’ after floods (Financial Times)
- Energy crisis: the beginning of the end for gas-fired power in Europe (Rystad Energy)
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.
Powered by Notified