NORDIC FRIENDS LOUNGE 23
[ Nordic
point of view ]
Embracing change
The Nordics have taken a leading role in the fight against climate change, setting high goals for themselves and the business community. This, in turn, paves the way for technological innovation.
When it comes to adopting new ideas in order to make society more sustainable, the Nordics are currently leading the way. In Norway, for example, at the beginning of 2022, every second car was already electric, whereas in Germany, their share was just 1.3 percent. In the Danish capital Copenhagen, CO2 emissions per capita and year are far below the European average, and in Sweden almost 100 percent of recyclable waste is already being reused. It is therefore not surprising that in the latest Climate Change Performance Index (CCPI), which measures the efforts of individual countries to combat climate change, three Nordic countries were at the top: Den- mark, Sweden and Norway. The index is compiled by the non-governmental organisation Germanwatch and documents the measures against climate change taken by those 60 countries worldwide that together are responsible for a good 90 percent of greenhouse gas emissions. According to the report, the Nordics are also showing significantly better scores than oth- er industrialised countries when it comes to reducing CO2 emissions. Sweden, for example, has more than halved its emissions per capita since 1971. And several Nordic countries are striving for more. Norway, for example, is planning to extend its lead in the field of electric mobility to shipping: by 2025, the entire state-owned fleet of over 200 ships is to be converted to battery and hybrid propulsion. In addition, from 2026, 1,200 Norwegian fjords will be closed to watercraft with internal combustion engines. Sweden, too, has set itself even higher goals in terms of recycling and wants not only to expand waste separation and its collection network, but also to optimise subsequent recycling. The focus is on the use of household waste for biofuel and heating purposes, especially for combined heat and power. In addition, Sweden wants to convert not only road traf- fic to biofuel, but also air traffic, which is a particular focus of public attention due to high emissions. Getting business involved Importantly, the Nordics are increasingly successful in involving the business community. The Danish world market leader in wind power Vestas Wind Systems and the Norwegian recycling specialist Tomra Systems have been among the basic invest-
Taking the next step: the sight of charging stations at the harbour is still unusual. However, Norway plans to extend its pioneering role in electric propulsion for cars to ships as well.
ments of sustainable equity funds for decades. Now, Swedish furniture giant IKEA has committed to using only renewable or recycled materials by 2030, and car manufacturer Volvo plans to increase the share of components made from recycled plastic to 25 percent by 2025. In addition, a good three years ago, when the former Dansk Olie og Naturgas was renamed Oersted because it was divesting its former core business of gas, the Danish company joined the ranks of the sustainability champions. Today, it focuses exclusively on the construction of wind tur- bines and offshore wind farms, benefitting from the global trend towards climate neutrality. These Nordic examples show that the fight against climate change works best when everyone is brought around the table: governments, non-governmental organisations, consumers and companies.
Did you know? The realisation that it is high time to rethink and leave well-trodden paths is at the heart of the new Nordea 1 – Global Climate Engagement Fund . Portfolio managers Alexandra Christiansen and Robert Madsen engage with the companies in which they invest to bring about change and foster their transition towards more sustainable business models. Find out more at: nordea.lu/ThematicSustainableSolutions
ISSUE 02.2018 ISSUE 01.2022
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