Green Hydrogen is gaining momentum as an essential fuel and technology to reach the net zero carbon target. Scandinavian countries – Denmark, Finland, Iceland, Norway, and Sweden are dedicated to achieving the targets using the abundant renewable energy available in their region. All the countries are part of the Paris Agreement which aims to keep global warming levels below 2°C.
- Norway expects to reduce its carbon emissions by 2050 in the order of 90 to 95% compared to 1990 levels
- Sweden plans to achieve zero carbon emissions by 2045, five years ahead of the rest of the EU. Finland has immense experience in terms of advanced energy transition and plans to attain carbon neutrality by 2035
- In Iceland, almost 80% of total energy consumption is based on renewables. The Government of Iceland aims to achieve a 29% reduction by 2030 compared to 2005
- Denmark commits to reduce its greenhouse emissions by 70% by 2030, compared to the 1990 level.
There are 36 operational Green Hydrogen facilities across the Scandinavian region as of 2022, and 64 projects at various completion stages will come online between 2022 and 2030. The current green hydrogen capacity in the region is 13 thousand tons per annum (MTPA), and based on the projects in the pipeline, the total capacity would reach 2126 MTPA by 2030.
Source: Stratas Advisors
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