In the land of a thousand lakes and long, harsh winters, a surprising gold rush is under way – not for precious metals but for sunlight. Finland, often associated with its stunning natural landscapes, has become an unlikely contender in the global renewable energy market, particularly in the realm of solar power.
The typical volume of excess clean power wasted daily on the island has rocketed since last year. With a fossil fuel industry veteran heading the energy department after February’s presidential election, what prospect is there of a green transition?
Despite the ever-growing number of nations committing to attaining a net-zero economy, there appears little prospect yet of a future free of fossil fuels, as Roger Lewis, an environmental, social, and corporate governance (ESG) expert at Downing LLP explains.
Three import deals signed by the EU at Sharm El Sheikh during this month’s COP27 summit show the European Union is serious about harnessing green hydrogen for its heavy industry, and about distributing the fruits of the energy transition on an equitable basis.
With the last incumbent to enter and leave the revolving door of UK prime ministers having caused alarm by reportedly preparing plans to effectively ban big solar on farmland, Harald Överholm, CEO of clean energy company Alight, says politicians need to put discredited arguments behind them and get on with the urgent business of shoring up energy security.
It should come as no surprise that clean energy spending is a big chunk of Warsaw’s four-year EU grant and loans package, given that the nation’s grid-connected solar capacity rose from 3.99 GW at the end of 2020 to 6.3 GW four months ago, according to the International Renewable Energy Agency.
The European Union’s executive branch has pledged to generate stable demand as it attempts to shift its gas supply away from Russia in response to the invasion of Ukraine.
The 22 nations which have had their “recovery and resilience” spending plans approved by the European Commission are set to devote billions to clean energy facilities, with the cash set to be disbursed in three payments to the end of next year.
The investment has been planned as part of the nation’s recovery and resilience plan to access EU funds for its post-Covid economic stimulus package. The spending plans of Portugal and Greece have also been approved by the European Commission in the last 48 hours.
With the European Parliament formally voting through a €672.5 billion recovery and resilience fund, the baton will pass to the heads of the European Council and its grouping of economic ministers. It is hoped an initial, 13% slice of the fund will be available to member states from early next month.
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