4 April 2022
Norwegian Government to strengthen the Petroleum Fund's work on climate risk
Norway’s government proposes that the massive (NOK 11.6 trillion) Norwegian petroleum fund be given a long-term goal that the companies it owns align with zero emissions. At the same time, the fund will be able to double its investments up to 240 billion in unlisted infrastructure in renewable energy. The Government also says that Norges Bank must establish a set of principles for managing and measuring climate risk and to stress testing the portfolio, including a scenario that is in line with global warming of 1.5 degrees
Swedish Industry CEOs cry out for a new Swedish energy policy
A number of major Swedish business leads, including; Mikael Staffas, President and CEO of Boliden; Lotta Lyrå, President and CEO of Södra Skogsägarna; Markus Rauramo, President and CEO of Fortum; and Johan Lindehag, CEO of Ellevio, have taken up the pen to vent their frustrations with the Swedish energy market. Among the problems, the industry heads outline that the geographical bottlenecks in regards to electricity supply between the north and south desperately needs to be remedied, especially with the ramp up in relation to the industrialisation projects located in the north. Acknowledging that the Green Transition has put further stress on the energy market, the CEO’s reason that the current security situation prevailing in Europe has further emphasised the need for a self-reliant energy market.In order to establish a Swedish energy market that is reliable. The CEOs conclude that a full reform is in order, and the new constructions must be spaced out throughout Sweden, but especially centring on the construction of fossil-free energy production located in the south.
Yara orders a network of ammonia bunkering stations
Yara has signed a commercial agreement with Azane Fuel Solutions, ordering 15 floating and land-based bunkering terminals to build a Scandinavian network of filling stations for green ammonia for ships. Last year, the Azane shareholders, Amon Maritime and ECONNECT Energy received public funding from Norway's Green Platform program to develop and build the first pilot unit. They will complete the pilot terminal together with grants from Innovation Norway and the Research Council of Norway.
Finland to be energy independent by 2024
Finland's wind power capacity has more than doubled in a decade. And as the industry has grown, the profile of investors has changed over, with pension companies, municipalities and cooperatives funding the growth.
This build-out of wind power together with planned nuclear capacity additions means that Finland will achieve electricity self-sufficiency in 2024, making the 10% of electricity supply that came from Russia in 2021 less relevant. Reima Päivinen , President and CEO of Fingrid says that “Finland can do without Russian electricity. We are not dependent on it,” and the third reactor at the Olkiluoto nuclear power plant will be able to produce more electricity at full capacity than the transmission capacity from Russia.
Norway and Japan seen leading global shipping’s zero emission race
New mapping of zero emission pilots and demonstration efforts in shipping reveals Norway and Japan are out in front in terms of the number of projects underway. The Getting to Zero Coalition’s latest update on global action to decarbonise shipping includes significantly more projects – up from 106 to 203 – focusing on ship technologies, fuel production as well as bunkering and infrastructure with Norway and Japan the most active. Some of the key findings in this year’s mapping include an increased focus on hydrogen-derived fuels, a higher number of large vessels targeting ammonia and methanol, more bunkering and infrastructure projects, as well as the emergence of fuel production in Oceania.
EU billions to HYBRIT and Stockholm CCS
Of a total of EUR 1.1 billion in the pot from the EU fund that distributes income from emissions trading, EUR 143 million goes to hydrogen-produced Swedish steel from SSAB offshoot, HYBRIT and EUR 180 million to a plant in Stockholm that is intended to capture 800,000 tonnes of biogenic carbon dioxide each year. For HYBRIT, the funds are divided into three parts, whilst for Stockholm Exergi's part, the SEK 180 million functions as part of the financing of expansions of the planned facility.
What we’re reading
- IPCC scientists say it's 'now or never' to limit warming (BBC)
- France pays the steep cost of inflexible and ageing nuclear as electricity prices soar (RenewEconomy)
- German industry sounds alarm over energy rationing plan (Financial Times)
- Energy expert slams UK’s net zero strategy as ‘hopelessly unrealistic’ (Dieter Helm blog, Financial Times)
- Japan dodges the nuclear question as it struggles to keep the lights on (Financial Times)
- World leaders struggle with response as UN climate report challenges energy plans (Independent.ie)
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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