Mundus Nordic Green News – 12 April, 2021

Finland adopts circular economy strategy

On 8 April, Finland’s Government adopted a decision in principle on the promotion of the circular economy, making Finland one of the first countries in the world to set a goal to reduce the consumption of natural resources, based on the vision that a carbon-neutral circular economy society will be the foundation of the Finnish economy in 2035.

According to the decision-in-principle, the consumption of non-renewable resources will decrease and the sustainable use of renewable resources may increase so that the total consumption of domestic primary raw materials in 2035 does not exceed the 2015 level. Natural resources used to manufacture the exported products are not covered by the objective. Resource productivity should double from the 2015 situation by 2035. In addition, the circular economy rate of materials should double by 2035.“ The decision-in-principle outlines 18 key measures by which ministries commit to promoting the circular economy during 2021-2024. They create incentives, strengthen markets, increase skills, promote digitalisation and support a sustainable foreign policy. The strategy will be supported by policies such as taxation, funding for R&D, and information sharing. (Ussiouutiset, Government) 

Equinor, SSE aim to build the world's first hydrogen power plant

Norwegian energy firm Equinor and British utility SSE have agreed to jointly develop the world's first 100% hydrogen-fuelled power plant in Britain. Keadby 3 would develop ‘blue hydrogen’ by 2027 with a new 900MW gas power plant fitted with CCS to also cut emissions from Britain's Humber industrial cluster. (Reuters)

Norwegian Petroleum Fund buys 50% of the shares in huge Netherlands wind project

Norges Bank Investment Management (NBIM), which manages the Norwegian state oil assets fund of USD 1.3 trillion has agreed to buy 50% in Borssele 1 & 2 offshore wind farm in the Netherlands from Ørsted, in what is the fund's first unlisted investment in renewable energy infrastructure. The 752 MW offshore wind farm was put into operation in 4Q20, producing electricity equivalent to one million households annually for energy in the Netherlands. Orsted said that the agreement was worth approximately €1,375 billion. (Orsted)

Statkraft to build three windfarms in Chile

Statkraft will build its first wind turbines in Chile, increasing its production capacity for renewable energy in the country, where demand for hydropower, wind and solar power is rising. Together with the company's existing hydropower portfolio in Chile, Statkraft will reach a production capacity of 366 MW by the end of 2023. The 102 MW Torsa wind project consists of three wind farms south of the capital Santiago, which are expected to produce more than 300 GWh of renewable energy a year - enough to supply 100,000 average Chilean homes. (press release) 

Polestar to build the world’s first real zero-emissions vehicle

Swedish electric performance automaker Polestar says it will build the world’s first truly zero-emissions vehicle without relying on carbon offsets, which it described as a “cop-out”. Polestar, which was spun out of Volvo and Volvo’s parent company Geely, framed its effort to cut carbon emissions by changing the way its cars are made as a “moonshot goal” that would result in the world’s first carbon neutral vehicle by 2030. According to The Verge, the real challenge for Polestar will be the elimination of emissions from its production process and supply chain. Although major automakers have pledged to phase out fossil-powered vehicle, automobile production, including the mining of the rare earth minerals that go into lithium-ion batteries, is an intensely carbon-heavy process. Reducing those emissions, to say nothing of eliminating them, will be a hugely consequential task. (The Verge)

Volvo Group and SSAB will develop the world's first fossil-free steel vehicle

Meanwhile, Volvo Group and SSAB have signed a collaboration agreement on research, development, serial production and commercialization of the world’s first vehicles to be made of fossil-free steel. Volvo plans already this year to start the production of concept vehicles and components from steel made by SSAB using hydrogen. Martin Lundstedt, President and CEO at Volvo Group said “We are determined to be a climate-neutral company by 2050 in line with the Paris Agreement. This means that our vehicles and machines will be emission-free when in operation but also that we will review the materials, like steel, used in our products and will gradually switch to fossil-free alternatives here as well. This is an important step on the road to completely climate-neutral transports”. (press release)

NCC commissioned by Hybrit to build a rock chamber for hydrogen storage

NCC has been commissioned by Hybrit Development to build a rock chamber for the pilot plant for hydrogen storage to be built in Luleå, as part of the HYBRIT initiative to enable fossil-free steel production. The rock chamber, where the hydrogen gas is to be stored, will be approximately 100 cubic meters.  The work of constructing the rock chamber is carried out underground where the highest level of the layer is approximately 30 meters below the ground. (Industri Press) 

Aker “green babies’” shares struggle

The week started badly for the Aker Group's climate initiatives, so-called “green babies” shares in Oslo;

• The renewable investment Aker Horizons fell over 6%.
• The carbon capture company Aker Carbon Capture fell around 6%.
• The hydrogen company Aker Clean Hydrogen fell by around 8%.
• The offshore wind company Aker Offshore Wind fell around 6%.

Separately, the brokerage house Carnegie has in recent weeks bought over 28 million shares in Aker Clean Hydrogen through its role as a so-called stabilization agent in the company's listing. Interest in the offering has been low, with the share falling 27% since listing, and Carnegie has informed Aker that it wants to reduce its exposure. (Dagens Naeringsliv, E24)

Nel ASA: Enters into framework agreement with Wood

Nel Hydrogen has entered into a framework agreement with the global consulting and engineering company Wood, which employs around 40,000 people. The companies will collaborate to develop and execute large scale, complex green renewable hydrogen projects in select regions across the world. (press release)

What we’re reading

• Green hydrogen will be cheaper than gas by 2050: BNEF (RenewEconomy)

 

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