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Energy:2030 25 in Review Energy:2030 25 January 2020 In review In this month’s Energy:2030, we look at examples of leadership in Neil Mearns Senior Writer delivering the energy market transition. 01603 542119 [email protected] In our Perspective, we focus on the initiative of Nordic countries in accelerating net zero commitments. Recently declared targets have ENERGY PERSPECTIVE 02 coincided with statements from Nordic oil and gas majors, which are Jump start: accelerating net taking a lead in the decarbonisation of their operations. zero commitments – Neil Mearns January saw the launch of the Integrating Renewable Energy and NEW MARKETS 04 Ecosystem Services (IRENES) project, which is investigating good practice in synergising renewable energy sources and ecosystem Renewable energy and services. ecosystem services study begins The Sustainable Energy Association presented its ideas on regulating FUTURE NETWORKS 06 the decarbonisation of heat – a key problem in delivering net zero emissions. It suggests an emissions standard for heating that takes a ENW produces scenarios to forecast future network carbon intensity approach to regulation. LOW-CARBON, HEAT & 08 The International Renewable Energy Agency presented its thinking on TRANSPORT existing demand-side solutions and key innovations. SEA addresses heat decarbonisation regulation On electricity networks, Electricity North West recently took an EV and charging innovation approach to develop five scenarios that might reflect its future update network. In Germany, the Federal Network Agency approved a DEMAND-SIDE & SUPPLY 11 network development plan that includes increasing the proportion of IRENA discusses transformative renewable energy to 65% by 2030. demand-side flexibility Demand-side and supply In the US, California recently adopted frameworks for two areas of innovation update energy efficiency policy, which could boost emerging technologies as INTERNATIONAL 14 well as provide continued support for existing initiatives. A comprehensive programme to accelerate the development, Germany approves 65% renewable energy target commercialisation and utilisation of next-generation energy storage California approves new energy technologies was also launched by the US Department of Energy. efficiency frameworks Energy Storage Grand Developments in Australia and New Zealand have focused on retail Challenge launched in US sector transformation. Australian authorities have developed a market FERC order sets capacity market minimum pricing design to enable the switching process to occur within two days. New AEMC finalises faster switching Zealand has implemented a package of initiatives aimed at making it changes easier for consumers to share their consumption data with New Zealand makes consumer data sharing easier organisations they trust. Auctions update Energy:2030 | Issue 25 | 31/01/2020 | page 1 Jump start: accelerating net zero commitments Neil Mearns, [email protected] With the World Economic Forum (WEF) Annual The Finnish government first announced its Meeting having just taken place on 21-24 country’s plan to be carbon neutral by 2035 in January, there has been increased focus on June 2019. Five coalition parties agreed on the global sustainability. In this Perspective, we take target, which was championed by incoming Prime stock of the countries and companies that are Minister Antti Rinne. accelerating net zero commitments a decade or The country will tighten its emissions reduction more ahead of the widely held 2050 target. obligation for 2030 to at least 55% below the 1990 Overtaking emissions level. It will also carry out an Prior to the annual meeting in Davos, the WEF assessment of its carbon neutrality target in 2025. published The Net-Zero Challenge: Global As part of the sustainable development tax reform, Climate Action at a Crossroads (Part 1) on 11 the Finnish government will carry out a complete December 2019. The two-part series assesses the overhaul of energy taxation by the August 2020 state of global climate action through the lens of government budget session. Emissions guidance corporations, governments and civil society. in energy production will be increased by It covers countries with net zero ambitions to date, abolishing its industrial energy tax rebate system. either written into law or as a policy position (see It will also reduce category II electricity tax (for Figure 1). industrial companies) towards the minimum rate. Heat pumps and data centres generating heat for Figure 1: European countries with net zero commitments district heating networks will be transferred to this enshrined in law or in policy tax category. Year Country and nature of net zero commitment The government will also provide property tax relief for offshore wind farms and remove the 2030 Norway (in policy document) double taxation on electricity storage for pumped storage facilities and smaller batteries. 2035 Finland (in policy document) The government will also: • Implement an energy aid scheme, shifting the 2040 Iceland (in policy document) focus to grants supporting investments in new energy technologies and demonstrations. 2045 Sweden (in law) • Support new methods for producing district heating and heat storage without burning fuel. Portugal and Switzerland (in policy documents), • Remove barriers to wind project construction. 2050 Denmark, France and UK (in law) On 6 December 2019, the Danish Parliament Source: Cornwall Insight agreed on a legally binding national Climate Act. This set a legally binding target to reduce Pole position greenhouse gas emissions by 70% by 2030 Nordic countries, as the WEF reference in their compared to the 1990 level. report, have “been among the few to take truly The Act will overhaul Denmark’s climate policy; decisive steps”. every year, the Danish government will present Norway, in its Climate Strategy for 2030, Climate Action Programmes with concrete political published in June 2017, stated its conditional initiatives to decarbonise every sector, from commitment to reduce its emissions by at least transport to energy. The Act establishes an 40% by 2030 compared with the 1990 level. The ambition mechanism with a five-year cycle, strategy presented a “transformational approach” designed to ensure both early action and to revise within a European cooperation framework. the reduction targets. The milestone targets will be implemented in Danish law, with the forthcoming Energy:2030 | Issue 25 | 31/01/2020 | page 2 Climate Action Plan in 2020 to set a target for previously stressed in a 11 November 2019 press 2025. release that that partnerships will drive its transformation to net zero. Handling Other western European countries are starting to By 2025, Ørsted aims to achieve a 98% carbon make interim targets long before their respective reduction in energy generation and operations net zero targets. compared to 2006. The company also aims to have a 100% electric car fleet by this year. By One development that appeared to go under the 2030, the company will look to build more than radar was that the Dutch Supreme Court on 20 30GW of green energy projects across December 2019 ruled that the Dutch State must technologies. By 2032, Ørsted wants to reduce reduce Dutch greenhouse gas emissions by 25% emissions in the supply chain and from energy by the end of 2020, compared to 1990 levels. This trading by 50% compared with 2018. It will aim to is a remarkably ambitious short-term target become completely carbon neutral by 2040. considering emissions were down 15% on 1990 These targets were explained in its Sustainability levels by the end of 2018. But the Supreme Court report 2019 on 30 January. justifies this reduction target “on account of the risk of dangerous climate change that could also Corporate Knights named Ørsted as the world’s have a serious impact on the rights to life and most sustainable company on 21 January. It well-being of residents of the Netherlands.” topped more than 7,300 global companies with billion-dollar revenues to rank number one in the Over a slightly longer timeframe, Germany’s lower 2020 index of the Global 100 most sustainable house of parliament in November 2019 approved corporations. It is the first time an energy a package to help the country achieve its target of company has finished top of the index. Vattenfall cutting greenhouse gas emissions to 55% of their announced on the same day that it was awarded 1990 level by 2030. Germany will raise the price an “A” by non-profit Carbon Disclosure Project for CO2 emissions from transport and heating (CDP) based on data submitted through its 2019 buildings to €25 (£21.08) per tonne from 2021. climate change questionnaire. Only the top 2% of This was after a proposed €10 (£8.43) price tag 8,000 companies assessed achieved this score. was criticised for being too low. Under the new agreement, the carbon price would rise to €30 Vattenfall claims that it has a £10bn+ UK pipeline (£25.3) in 2022 and rise incrementally to a price in wind power, interconnection, power distribution corridor of €55-65 (£46.38-54.81) by 2026. and district heating to drive its net zero ambition. Meanwhile, Equinor is advancing opportunities in Also using taxation to drive emissions lower offshore wind, carbon capture and storage and Sweden has set the highest carbon tax in the emissions-free hydrogen based on natural gas. world, at €114 (£96.40) per tonne. Scrutineering Traction The Nordic countries, in tandem with the likes of Just as Nordic countries are the ones with shorter- Equinor and Ørsted, are raising their ambitions in term net zero targets, the Nordic oil and gas the hope that others will follow suit. The likes of majors are accelerating their ambitions to Norway and Finland have vastly different fuel decarbonise. An initial marker of this greening mixes and national consumption profiles intent was the name-change of DONG to Ørsted compared to the UK, but many of the initiatives in November 2017 and Statoil to Equinor in May being employed to reach net zero are certainly 2018.
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