Mundus Nordic Green News – 1 March, 2021

Sweden’s Energy Minister gives his insights into Sweden's recent shortages

It is reported that ten times more new wind power is planned in the north of Sweden than in its south, where the bulk of the population and industry lies. Svenska kraftnät, Sweden’s grid operator, is expanding the main grid, but the full capacity expansion is expected to take at least ten years. The Minister of Energy Anders Ygeman (S) wants to see more electricity production in southern Sweden. He commented that “There is a free electricity market in Sweden, the idea is that it should be economically advantageous to build where electricity is needed most.” Asked if it is not the politicians' responsibility to ensure that the balance in the entire electricity system works, he responded, “Yes, of course. But apparently the control signals have been too weak.” 

 

The Government has proposed that the state pay for the connection costs of offshore wind power, to facilitate large-scale offshore wind power development in southern and central Sweden. According to Vattenfall, the state-owned ex-monopoly, it will still take about 10 years before new offshore wind farms can supply electricity, but The Minister of Energy is more optimistic about the timeframe.

 

Norway to strengthen green cooperation with the EU

Four Norwegian ministers met their colleagues in the EU Commission to discuss the green transition and what Norway can contribute to the EU's green environment. Norway has technology, knowledge and products that make us an attractive and relevant partner for Europe, said the Minister of Climate and Environment Sveinung Rotevatn (V) after the meeting. In addition to Rotevatn, Minister of Transport Knut Arild Hareide (KrF), Minister of Petroleum and Energy Tina Bru (H) and Minister of Foreign Affairs Ine Eriksen Søreide (H) participated. The Commission was represented by Vice President Frans Timmermans, who has overall responsibility and the three commissioners with the same portfolios as the Norwegian ministers.

  

TreeToTextile invests in demonstration plant in Sweden

TreeToTextile, owned by H&M Group, Inter IKEA Group, Stora Enso, and LSCS Invest, is building a demonstration plant in Sweden, in a next step towards commercialising a new sustainable textile fibre, with scalable technology and low manufacturing cost. Being built with investment of €35 million, the plant will make sustainable textile fibres available to all. The Swedish Energy Agency will provide a grant of €7.6 million and the balance of finance comes from the owners.

 

The plant will be established at Stora Enso's Nymölla mill in southern Sweden, and the construction will start in spring 2021. The production capacity will be 1 500 tons fibre per year.

 

Nordea sets sustainability targets

Nordea states in a press release that in January 2021, it launched an updated plan to fully integrate sustainability into its business strategy and set a long-term objective to become a net zero emissions bank by 2050 at the latest. To reach this goal, Nordea set a mid-term objective to reduce carbon emissions from its lending and investment portfolios by 40-50% by 2030.

• At least 25% of the savings inflow should be in our sustainable offering.
• Nordea Life & Pensions will reduce its carbon emissions intensity for listed equities, corporate bonds and real estate by at least 25% by the end of 2024.
• To grow the share of EU Taxonomy-aligned assets and income and to meet disclosure requirements.
• Work together with our large corporate customers in carbon-intensive industries to set low-carbon transition plans.
• Reduce carbon emissions from our internal operations by 30% compared to 2019.

 

Quantafuel enters Italian agreements

The Norwegian recycling company, Quantafuel has entered into an agreement with Corepla and Saipem to jointly market circular economy models for plastic waste, and seek to build chemical recycling plants in Italy, according to a statement on Monday.

 

Baseload Capital closes $25 million share round with Chevron as new strategic investor

The Swedish company, Baseload Capital, which specializes in financing the expansion of renewable geothermal electricity production worldwide, announced a $25 million round of financing with Chevron Technology Ventures as the new strategic investor. As a first result of the alliance, Chevron Technical Center and Baseload Capital have signed a letter of intent for a potential pilot project in California, USA.

 

Alexander Helling, CEO of Baseload Capital said; "In August, we announced that we were looking for a new strategic investor to help us accelerate the expansion of our key markets". “We could not have found a better partner. Chevron complements our ownership group and adds expertise in drilling, technology, exploration and more. Their skills and experience will accelerate our ability to distribute thermal power and strengthen our way of working.”

 

SaltX enters into Australian partnership to scale-up its charging reactor

Stockholm First North-listed, SaltX Technology, has entered into a partnership agreement with the Australian company Calix Limited, which is developing a technology for a calcination processes. The two companies will work together to develop a charging reactor to optimize SaltX's energy storage solution with a new scalable technology. The reactor will be installed at the SaltX pilot plant in Stockholm and with a completely optimized storage solution adapted for SaltX technology and nanocoated salt. The reactor is expected to be ready for testing and verification by 2021.  

 

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