Mundus Nordic Green News – 5 November, 2020

Denmark takes a lead in increasing private investment in the global green transition

At the opening of the Climate Investment Summit in Copenhagen, Kent Damsgaard, CEO of Insurance & Pension Denmark, reported that Denmark’s pension funds had invested USD 8 billion in green projects since the 2019 Climate Action Summit in New York. He said that if this pace of investment continues, Denmark’s pension funds will reach the target of USD 50 billion in green investments three years ahead of time. In addition, CEO of Finance Denmark, Ulrik Nødgaard, came with an ambitious commitment to support private Danish citizens' investments in the green transition. Finance Denmark which is an industry association committed that by 2030 CO2 emissions from investment funds offered to Danish citizens must be 75% below the emissions of the world equity index (MSCI ACWI) in 2020. The target will mean that a considerable portion of funds available to Danish citizens now can be invested in companies that are green or becoming green.

 

Volvo Group commits to scientific climate goals

The Volvo Group says it is taking the next step to adapt and secure the company for the future in line with the goals of the Paris Climate Agreement. The goal is for the Volvo Group to be emission-free by 2050. In order to be transparent with progress and ensure a safe path to the goal, Volvo undertakes to follow the Science Based Targets initiative.

 

Martin Lundstedt, President and CEO of the Volvo Group commented “Our commitment to future generations is well known and the Volvo Group does its part to achieve the goals of the Paris Agreement. Being a leader in sustainable transport and infrastructure solutions is good for the company and its stakeholders, but even better for the world. With our transformation will also be a responsibility to openly report our progress. Now we are taking the next step and setting scientific goals, in line with the Paris Agreement.”

 

Separately, the company also announced that it was to launch a full range of electric trucks. The trucks have train weights up to 44 tonnes, and, depending on the battery configuration, ranges of up to 300 km. Sales will begin next year and volume production will start in 2022.

 

Renewcell plans to list on Nasdaq Swedish market

Renewcell claims to be the first in the world to commercially offer a dissolving pulp for textile production manufactured from 100% recycled textiles. The company announced that it planned to list its shares on Nasdaq First North Premier Growth Market, and to raise capital through an issue of new shares.

 

Norwegian ship granted €8m to showcase hydrogen

The green-hydrogen ship Topeka has been granted €8m in EU funding under the Horizon 2020 research programme. The prototype vessel could take to Norway’s coastal waters in 2024, ferrying cargo and delivering hydrogen sourced from clean energy to fuel bunkers along the coast. Topeka will not be the only ship that will benefit from the EU funds, as the project consortium HySHIP - in which Equinor is a member - also wants to conduct studies into a smaller tanker barge for use on inland waterways, a fast ferry, and a larger deep-sea vessel.

 

Powercell reports 3Q revenue growth

PowerCell Sweden AB increased its sales during 3Q20 by 10%, from SEK 15.1 million to SEK 16.6 million. Operating profit before items fell to SEK -22.3 million (from -16.6) as a result of, among other things, negative currency effects and increased costs for sales and administration linked to investments to grow the business and enter new segments. The company says that it expects strong growth to follow.

 

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