5 November 2021

The Nordic Council targets fossil-free aviation market by 2040 in the Nordic Region

The Nordic Council discussed the development and restructuring of the aviation industry to enable it to contribute to the green transition while ensuring mobility across the Nordic Region, at the Session of the Nordic Council. To this end, the council is calling on Nordic governments to join the development of the world’s first fossil-free aviation market by 2040. Although the participants agreed to create a joint Nordic plan, certain points raised a debate. For instance, the additional requirement that all aviation fuel for domestic flights will contain at least 5% biofuel by 2025 was contested by Maria Stockhaus (M), saying that such a commitment risks hampering the development rather than supporting it (Press release). 

Nordic industry piles into America's First Movers Coalition 

The United States launched the First Movers Coalition at COP26 - a new platform for companies to harness their purchasing power and supply chains to create markets for innovative clean energy technologies. The Coalition is a joint initiative organised by the US Government and the World Economic Forum. 33 businesses were founding members, pledging to a number of environmental measures, e.g. encouraging the companies to travel using fossil-free jet fuel. Of the founding 33, 9 are Nordic companies, 4 from Sweden, 2 from Denmark, 2 from Norway and 1 from Finland.  (State Department, SvD Näringsliv)

Gothenburg port plans hydrogen production with Statkraft

Gothenburg port and Statkraft plan to build a hydrogen production facility in the port. Behind the plan is a signed agreement between the two partners, for an in-depth investigation of the opportunities for storage and filling operations on the port. If followed through, it will produce two tonnes of hydrogen per day, corresponding to 2,200 litres of diesel per day (4 tonnes/day CO2e). The hydrogen production facility is planned to start operations in 2023 and is expected to cost SEK 60 million. By using renewably sourced electricity, green hydrogen is produced for use locally, or sold to external buyers (Transportnytt).

Aker Offshore Wind, Statkraft and Ocean Winds collaborate on offshore wind development

Aker Offshore Wind, Statkraft and Ocean Winds have signed a collaboration agreement to apply for tenders for the development of an offshore wind park at the Utsira Nord site in Norway. Aker Offshore Wind has collaborated on several wind power projects with both partners - Projects in California, South Korea, and Scotland with Ocean Winds, and the well-established collaboration for offshore wind at the Nordsjön II site with Statkraft. Utsira Nord, a region off shore Haugesund in Rogaland, Norway is well-known for experiencing stable wind (Press release).

Aker’s shares at all-time high

Aker’s shares have reached an all-time high – NOK 835 per share following a series of news. Firstly, Aker Horizons has successfully raised NOK 1 billion after completing a private placement. Secondly, Aker has announced new offshore wind investments and plans to establish asset management as a new business area. The first initiatives are named Aker Venture Capital and Aker Private Equity and has already started managing “third party money funds” according to Kjell Inge Røkke, Chairman of the Board and majority owner of Aker, and Øyvind Eriksen, the CEO of Aker (Dagens Næringsliv, Dagens Næringsliv). 

Swedish agencies demand a ban of energy-demanding cryptocurrencies

Cryptocurrencies are a source of quick gains — but also quick losses. The general-directors of Sweden’s Financial Supervisory Authority (Finansinspektionen), Erik Thedéen, and the Environmental Protection Agency (Naturvårdsverket), Björn Risinger, warn against cryptocurrencies’ carbon footprint. Since mining is typically required to extract cryptocoins, it would be in Sweden’s interest to oppose the building of huge data centres and prevent any large-scale mining. These activities are so energy-demanding that they could threaten Sweden’s ability to meet the Paris Agreement, which is why two general-directors propose three measures aimed at limiting these centres’ energy usage. The EU should find other ways to mine cryptocurrencies while Sweden should prevent mining during the said inquiry and crypto-investing businesses should not be allowed to call themselves sustainable. (DN Debatt)

Nordics lead sub-Saharan African forestry drive

CDC Group, the UK’s development finance institution, Finnfund, the Finnish Fund for Industrial Cooperation, Norfund, the Norwegian Government’s investment fund for developing countries, and New Forests, a global investment manager focusing on sustainable landscapes, are partnering to develop investment strategies designed to scale and transform the sustainable forestry sector in sub-Saharan Africa. The partnership will aim to raise up to $500 mln over the next three to five years in the fight against climate change. (Property Funds World)

What we’re reading;

• COP26 pact to end coal use undermined as US fails to sign (FInancial Times)
• COP26 forests pact frays as Indonesia calls it ‘unfair’ days after signing up (FInancial Times)

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