7 March 2023

Today's Top Nordic Green News:

• Norwegian energy CEOs express doubts about the country's ability to meet climate targets
• Equinor and Petrobras collaborate on offshore wind projects in Brazil
• OX2 gains legal clearance to build one of Finland's largest wind farms

Norwegian energy CEOs express doubts about the country's ability to meet climate targets

A poll by Montel has found that the majority of top managers in Norway's power industry do not believe that the government's climate target of cutting 55% of CO2 emissions by 2030 can be achieved. By the end of 2021, Norway had only cut emissions by 4.7% compared to the 1990 level.

The group of 13 managers, including CEOs of Norway's largest power companies, pointed to the long processing time and construction time for the power grid, the lack of licences and development of new power generation and the absence of measures to secure the target as the main challenges. Some also point to heavy taxation of renewable energy production and the lack of connection between energy, environmental, and climate policy as obstacles to meeting the targets. Småkraft CEO Terje Vedeler was one who remarked “I cannot fathom and understand that it can be done. I see it as completely unrealistic.”

The CEOs suggest that power production must increase significantly and new areas for wind power must be quickly opened up. Four managers were somewhat more optimistic, calling for faster licensing processes and more predictable framework conditions if the Government wanted to see progress.

Montel

Equinor and Petrobras collaborate on offshore wind projects in Brazil

Equinor and Petrobras have announced a partnership to develop seven offshore wind projects off the coast of Brazil, with a potential capacity of 14.5 GW. The companies will combine their expertise to analyse the feasibility of the projects, and this marks Petrobras' entry into the offshore wind industry. The CEOs of both companies have expressed excitement about the partnership and the potential for renewable energy in Brazil.

Adresseavisen

OX2 gains legal clearance to build one of Finland's largest wind farms

OX2 has received legal clearance to build one of Finland's largest wind farms. The company's plan to build up to 54 turbines in the municipalities of Storå and Bötom has gained legal force, with construction due to start within a year and completed within three. The wind farm is expected to generate an unspecified amount of electricity and will pay annual property tax of approximately EUR 1.4 million and EUR 400,000 to the municipalities respectively. OX2 is also planning to develop large-scale offshore wind power projects in the Gulf of Bothnia and further south in the Baltic Sea.

EnergiNyheter

SSAB partners with Meneta to use fossil-free steel in brake products manufacturing

SSAB has signed a deal with Danish company Meneta to use SSAB's fossil-free steel in the production of brake products and sealing materials mainly for the automotive sector. No financial details were disclosed, but the first delivery is expected in 2026.

Press Release7 March 2023

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What we’re reading

• Climate change to cost Germany up to 900 billion euros by 2050 - study (Reuters)
• UK risks wasting huge wind power opportunity, energy boss warns (Financial Times)
• Japan throws $2.3bn at project to make “clean” hydrogen from Australian brown coal (RenewEconomy)
• EU rewrites climate diplomacy deal to resolve nuclear sticking point (Reuters)
• Draft update to Germany's hydrogen strategy sees higher 2030 demand (Clean Energy Wire)

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