2021-06-01 18:38Press release

1 June 2021

Mundus Nordic Green News

CWP and Mauritania sign MoU to develop $40 billion green hydrogen project

The Mauritanian government and the Danish developer of renewable energy, CWP Global have signed a memorandum of understanding for the development of a 30GW "Power-to-X" project. This announcement sets the stage for development work to begin with what will be the world's largest renewable energy project, exporting green hydrogen and its derivatives to global markets. The project, called "AMAN", will be located in the northern part of Mauritania on a desert site of approximately 8,500 km2.

CWP is one of the developers behind the 26GW Asian Renewable Energy Hub, and describes itself as a global pioneer in the development of ultra-large-scale green hydrogen power plants. The company identified Mauritania as one of the best places on globally for the production of cheap green hydrogen. The project's hybrid wind and solar generation benefits from a stable, high capacity factor profile in the desert, promising some of the cheapest clean energies in the world and makes it ideal for green hydrogen on a massive scale and its derivatives. 30GW wind and solar energy will power electrolysers for the production of green hydrogen and will play an important role in reducing carbon dioxide pollution from energy production, transport, agriculture and steel production, contributing to the objectives of the Paris Agreement. (Zephyrnet)

Swedish inquiry recommends phasing out fossil fuels by 2040

Fossil fuels must be phased out in Sweden by 2040, an inquiry commissioned by the government has proposed. Investigator Sven Hunhammar also proposes a national goal that newly manufactured passenger cars sold in 2030 should only be zero-emission vehicles. Hunhammar said that the phasing out itself should be carried out through a combination of three instruments: “The strategy is based on electrifying as far as possible, reducing traffic where possible and using sustainable renewable fuels where it is difficult to electrify.” Banning the sale of gas- and diesel-powered cars nationwide by 2030 would be difficult, however, due to EU regulations. Sweden should instead push for all new cars sold in the EU to have zero carbon emissions, effectively phasing out fossil-fuels. In 2019, Prime Minister Stefan Löfven pledged that cars with combustion engines would not be sold after 2030. (SVT, Inquiry report)

Key brokerage changes its call on Nel: Shares fall again

Sparebank 1 Markets completely turns its back on the Nel share, and now recommends its customers to sell. The hydrogen company, Nel was one of the winning shares on the Oslo Stock Exchange last year, but this year, the mood has largely reversed, with a sharp fall in prices since its peak at NOK 34.50  in early January. Sparebank 1 Markets is the latest to recommend Nel dumping, where the buy recommendation has been rescinded, despite Sparebank’s emphasis that Nel has the potential to become the market leader. It says that the current valuation is "difficult to defend", and set a price target of NOK 8.5, down from the previous NOK 20. Nel’s share closed at NOK 17.14 on Tuesday, down over 50% in the last 5 months. (E24)

Statkraft makes Spanish electricity purchase agreement

The Spanish energy company Capital Energy has signed an agreement with Statkraft of 1.2 TWh, corresponding to the electricity consumption of around 500,000 households per year. The agreement has a duration of up to ten years and contains provisions for the sale to Statkraft of all energy produced at three of Capital Energy's wind farms with a total installed capacity of 126 MW. (Energiwatch)


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 clip the stories of most relevance to international businesspeople and policy experts from the flow of news. We supplement these with our own opinion pieces and commentary, in English.