3 November 2021

Norway receives COP26 ’Fossil of the Day’ award

Norway receives the ‘Fossil of the Day’ award by the international Climate Action Network (CAN) at the COP26 summit. Although the prize is somewhat sarcastic, CAN motivated the award by referring to Jonas Gahr Støre’s support of fossil fuels and the new government’s extended oil prospecting. On top of supporting further oil- and gas prospecting, Norway has united with Russia’s arguments against the EU’s blacklisting of drilling activity in the Arctic. Lastly, not a single Norwegian climate target has been achieved, the petroleum industry is the largest domestic source of emissions, and the exported emissions from the petroleum industry are around ten times higher than the domestic emissions. Japan and Australia also received the award during Tuesday, but placed lower on the rank than Norway (Natural press ).  

Greenland to join Paris agreement

Greenland’s government has taken a first step toward joining the Paris Agreement on climate. Múte Bourup Egede, the Prime Minister of Greenland handed the official decision to Mette Frederiksen during a press conference at the COP26 summit. “It is a big step for the Danish Realm (Dk: rigsfællesskabet) and really, really important for global climate ambitions”, said Frederiksen on Tuesday. The semi-sovereign territory in the Kingdom of Denmark expects to fulfil the formal routines to join the Paris Agreement by the Spring of 2022, and Egede promised ambitious (undisclosed) national climate targets. Egede has taken a green direction as Prime Minister, including stopping oil prospecting in Greenland and promoting the use of renewable energy, such as hydro power (Nordjyske).

Equinor sells down Dogger Bank project

Equinor has elected to sell 10% of the British Dogger Bank C offshore wind farm to Eni, the Italian oil company, for a price of £70 million (circa DKK 700 million). A similar deal was made by SSE Renewables, making Eni a third holder in the project and owner of 20% of the British offshore wind farm. With this deal, Equinor is in line with its strategy of using its offshore competence in early stages of wind projects and mature them for continued value creation, according to Pål Eitrheim, Executive Vice President, Renewables (Press release).  

Finland joins Leaders’ Declaration on Forests and Land Use during COP26

Finland has joined the Leaders’ Declaration on Forests and Land Use in Glasgow, whereby more than 100 countries have commited to halt deforestation by 2030 as well as committing to the promotion of sustainable development on a global scale. Thus, all sovereign states of the Nordics (Sweden, Denmark, Norway and Iceland) have joined the declaration. Finland also announces its support of the Breakthrough Agenda comprising four outlined breakthrough goals for 2030.

• Clean energy should be cost-effective and accessible globally.
• Emission-free vehicles to be the new standard.
• (Near)-zero emission steel to be the most popular alternative on the global market.
• Low-carbon and low-cost hydrogen to be globally available.

By implementing these breakthroughs, the ambition is to reduce emissions and develop new business models and create new jobs. Additionally, Finland will also join the Global Methane Pledge announced by the EU and US, targeting a global reduction of anthropogenic methane emissions by 30% by 2030 (Ym). 

What we’re reading

• South Africa hails deal to end reliance on coal (BBC)
• Cyril Ramaphosa: COP26 must ensure a just transition that leaves no one behind (Financial Times)
• Carney-led finance coalition has up to $130tn funding committed to hitting net zero (Financial Times)
• Banks’ green pledges under scrutiny (Financial Times)
• Gulf states push for net zero but warn ‘we can’t just switch off the tap’ (Financial Times)

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