Nurturing new green industries
As 2023 continues to revolve around the mammoth task of strengthening global climate and energy collaboration, yet an eventful week has filled the headlines with new linkups to boost green business prospects.
Kicking off with a Transatlantic tie-up, the US and Denmark recently unveiled a fresh green growth partnership to promote green growth and uncover new potential for collaboration in connection with the US Inflation Reduction Act. After facing some European concern, the US-Danish green growth partnership is a response to the USD 370bn legislative package providing heavy state aid and subsidies for investments in renewables, hydrogen production, and energy transformation at large. To this, the new partnership seeks to spell out how Danish and subsequently European companies may catalyse from the IRA to elevate climate ambitions and jointly spark new green industries in contrast to the looming Transatlantic trade dispute.
Sticking with the intention of nurturing new green industries, Denmark awarded its first exclusive licenses for full-scale carbon storage exploration in the Danish water of the North Sea. As Denmark’s first large-scale carbon storage operations with a combined capability to store 13 million tonnes of CO2 annually by 2030, the permits given to Bifrost and Greensand underline that ”Danish subsoil is now open for a new green business venture with a customer base across all of Europe”.
Finally, we put the spotlight on a newly initiated pilot project to secure a successful integration of renewables in India’s energy system. With IEA’s estimation that India’s electricity consumption will triple by 2040, it is hard to belittle the significance of accelerating green transition in India. As part of the India-Danish Energy Partnership (INDEP), the new initiative to develop short-term forecasting models for day-ahead and real-time solar and wind production marks an encouraging step towards realising the India’s projection of becoming one of the world’s largest markets for renewable energy.
As usual, we move forward with a sense of possibility.
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