9 November 2021

Nordic ministers influential brokers in Glasgow

Of the 15 ministers asked to broker deals on different elements of a Glasgow pact to keep the 1.5-degree target alive, three Nordic ministers are present – Per Bolund (Sweden - MP), Espen Barth Eide (Norway - AP), and Dan Jørgensen (Denmark - S). Two ministers are appointed to steer each strand of COP26 negotiations towards an agreement. Per Bolund the Minister of the Environment and Climate in Sweden, will co-lead negotiations in finance. Sweden is one of only three countries that pays its share towards the $100 billion pledge by rich countries for developing countries’ green transition. Espen Barth Eide, the Minister of Climate and Environment in Norway, will co-lead discussions on Article 6 – a part of the Paris Agreement aiming to assist governments in the implementation of Nationally Determined Contributions (NDCs) through voluntary international cooperation. If successful, Article 6 can be a driver for carbon pricing, create new channels for climate finance, and lead to technology transfer and capacity building. Lastly, Dan Jørgensen, the Danish Minister for Climate, Energy and Utilities, will consult with other ministers on how they can reduce emissions faster to keep the 1.5-degree limit within reach. Jørgensen was already tasked with the same role before COP26 (Climate change news).    

Metsä Board: progress on 2030 fossil free target at Kyro Mill

Metsä Board’s Kyro Mill purchases energy from the Hämeenkyrön Voima power plant – which has now replaced the peat it burns with renewable energy. The aim is for the plant to use wood-based fuels from Metsää Group’s by-products from production and wood procurement. Moving away from peat-based energy, Kyro’s share of fossil-fuel of Metsä Board’s total fuel demand will be reduced from just over a quarter to a tenth. Additionally, replacing peat-based energy with renewable alternatives will help the company reach its 2030 targets of achieving fossil-free production and products by 2030 (Press release).

Ocean Sun in the red for 3Q21

Ocean Sun was in the red for 3Q21, reporting a net loss of NOK 5.3 million, compared to a loss of NOK 3 million in 3Q20. This relates to an increase of costs amid a development of its business and the recruitment of external consultants during 2021. Additionally, Ocean Sun reports a turnover of NOK 1.2 million in 3Q21, and claims to have no interest-bearing debts and circa NOK 83 million in cash (E24).

What we’re reading

• Stay or sell? The $110tn investment industry gets tougher on climate (Financial Times)