Finland is in prime position to create a new wave of industry that will resolve the world’s emissions problems.
The battery industry and clean steel have enormous export potential. Refined products made with green hydrogen, such as synthetic fuels for maritime and air transport and fossil-free fertilisers, are a growing industry with plenty of demand.
The new wave of industrialisation will require an immense amount of electricity. Fingrid estimates that electricity consumption in Finland could increase by up to 50 per cent as a result of industrial investments this decade.
Electricity will be a critical factor in this competition – it must be emission-free, inexpensive and reliable. And Finland can offer that electricity. The opportunity to make the green transition a real industrial success story and a source of prosperity is well within Finland’s grasp.
Our competitive advantage in electrification is a diverse, clean and efficient electricity production infrastructure. A significant increase in electricity production this decade can be provided by highly competitive on-shore wind power – one of the cheapest sources of renewable energy. There will be a lot of it, as long as there is demand for this electricity.
Competitive production combines with strong electricity networks to bring electricity reliably from producers to consumers. In the modern world, reliable electricity networks are among the most important factors in national competitiveness for industrial green transition projects.
Hopefully, Finland’s new parliament and government will contribute to this development.
Emission-free, inexpensive and reliable electricity will attract investments to Finland. However, international competition is fierce. Our success story hinges on wise choices and hard work. Hopefully, Finland’s new parliament and government will contribute to this development.
In this regard, Fingrid has the following advice: permit processes must be faster. A practical resolution to
the radar problem in eastern Finland must be identified. The government should also consider how to swiftly attract new forms of electricity production to ensure the supply of electricity in Finland.
The new energy landscape requires our decision-makers to act with foresight!
Jukka Ruusunen
President & CEO
Fingrid
