Mundus Nordic Green News – 15 October, 2020

Nordics write to EU Commission agreeing to 55% climate target

The 3 Nordic members of the EU; Sweden Denmark and Finland were amongst the 11 countries writing to the European Commission “welcoming the European Commission’s 2030 Climate Target Plan as a solid foundation for a decision on raised ambition“ … and “agreeing to increase the 2030 climate target to ‘at least 55%’. This increased target should be included in the EU’s updated Nationally Determined Contribution to be submitted to the UNFCCC before the end of this year and followed up by legislative proposals by June 2021 to deliver on the target." With the EUs current ambition at only 40%, this represents a major uplift in the target.

 

Rec Silicon raises fresh capital, share price rockets

Rec Silicon ASA is controlled by Aker Group, which has been through a major corporate restructuring in recent months, spinning out several daughter companies. In the past week RECs share price has more than doubled on the Oslo Stock Exchange. After the stock exchange closed on Wednesday, Rec Silicon announced in a press release that it will raise up to one billion NOK in new capital through the issue of shares. The fresh capital will be used to expand its operations at its facilities in Butte and Moses Lake, as well as for general corporate purposes.

 

The Rec Silicon share has almost tripled since the beginning of October. On Wednesday, the REC share was traded for NOK 11.90. The company's market value is 3.2 billion.

 

Sweden lands key position in EUs Modernization Fund

Sweden has won a seat on the investment committee for the EU’s Modernization Fund. The fund is an important part of the EU's green deal, supporting ten countries in Eastern Europe, investing over €16 billion. The fund will be used for investments that contribute to the countries' climate change and to the achievement of the EU's climate and energy goals for 2030. Special focus is on modernizing the countries' energy systems. Sweden will be represented by Fredrik Hannerz, the Head of the Swedish Environmental Protection Agency's emissions trading unit.

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