Finland is all set to take the leap and change its energy system, as seen in the holistic way Finland tackles renewables. The country has established a robust framework comprising policy snapshots, strategic targets, and innovative projects aimed at fostering a sustainable energy future. This important initiative fits real nicely with our national goals. Second, it confronts climate change in a meaningful way while enhancing energy security.
The Finnish government shoots for the stars with its renewable energy targets. These targets are an important element of the Italian National Energy and Climate Strategy 2030. This strategy serves as a blueprint to reach an equitable, inclusive, and greener economy. It rightly makes reducing greenhouse gas emissions the top priority, increasing the use of renewable energy, and getting off fossil fuels. The National Recovery and Resilience Plan further bolsters these ambitions with its strong commitment to a green transition. Its intent is to influence the economic recovery efforts taken in the wake of the pandemic.
Overview of the Renewable Energy Market
Finland’s renewable energy market has recent years towards renewables, primarily due to government policies as well as consumer demand for cleaner energy sources. This current policy snapshot trumpets that strong regulatory framework. This framework unabashedly lifts up and promotes the development of renewable energy technologies, including wind, solar, and hydrogen.
In the past few years, Finland has invested heavily in hydrogen energy. This investment is positioning Finland to lead the pack in this nascent sector. From hubs to fueling stations, hydrogen infrastructure development projects are rapidly moving forward, helping to ensure that hydrogen becomes a key element of our national energy system. These capital improvement projects will promote national and energy security by helping decrease the nation’s reliance on imported fossil fuels.
In addition, the government has brought forward competitive tenders and auctions to drive competition and investment in renewable energy projects. And indeed, the first round of auctions really engaged a broad array of stakeholders. Their participation was a clear demonstration of Finland’s interest and commitment to move forward with renewable energy development.
Strategic Policy Frameworks
Finland’s National Energy and Climate Plan (NECP) for 2021-2030 serves as the country’s comprehensive roadmap for reaching its energy objectives. This forward-thinking plan recognizes the need for diversification of the energy mix with a continued focus on sustainability and affordability. Primary aims of the share of renewable energy in gross final consumption of energy and improving energy efficiency in all sectors.
In addition to the NECP, the Act on Offshore Wind Power in the Exclusive Economic Zone is a significant legislative measure that aims to boost offshore wind capacity. The Offshore Wind Development Act provides an important legal framework for moving forward with offshore wind farm development. These farms are soon to become a significant driver for Finland meeting its ambitious renewable energy targets.
The Smart Grids and Energy Markets program (SGEM) leads energy innovation for the benefit of all. It supports the deployment of smart grid technologies to improve efficiency and sustainability. This program increases the efficiency of our electricity delivery and strengthens our energy management system. It thoroughly underpins Finland’s transition to a cleaner, more sustainable energy system.
Recent Developments and Future Prospects
Finland’s commitment to ending coal power is further emphasized by a package of incentives aimed at promoting cleaner options. These incentives are recent components of above efforts to reduce carbon emissions and comply with the Paris Climate Agreement standards.
The Temporary Crisis and Transition Framework (TCTF) complementary to the TCTF, has been adopted to address especially acute challenges stemming from economic shocks. This framework is actively working to advance equity related initiatives in the rapidly-growing renewable energy sector. It helps maintain Finland’s focus on achieving its ambitious climate goals, even when unexpected crises emerge.
Looking to future, Finland is already thinking about the next round of auctions, due to mini-start a wave of construction projects in the fast-growing renewable energy sector. These new auctions will bring new projects and investments, helping with the overarching expansion of Finland’s renewable energy capacity.