The climate business network Climate Leadership Coalition (CLC) and its members Fortum, Gasum, Neste, Stora Enso, St1 and Wärtsilä, with Afry and LUT as experts, initiated a pre-engagement study on an industrial scale Power-to-Fuel (P2F) project before the end of 2020. Finland’s power transmission system operator, Fingrid, and gas transmission system operator, Gasgrid, are also involved as experts.
The objective of the study is to investigate how P2F technologies can reduce Finnish transport-related CO2 emissions by 15%, about 1.5 million tonnes. In addition to technical solutions and potential production sites, the aims of the study are to explore how to create demand and establish markets for synthetic fuels and develop a timeline for potential projects.
In the beginning of 2021, the project team agreed that the study would investigate the entire value chain, from renewable power production to the end products of synthetic fuels, and geographical coverage be extended to Sweden and Norway. The study will evaluate cases with a potential production plant located in Finland and other parts of the value chain able to be divided amongst the countries.
The study also aims to identify the technical and legal changes to enabling industrial-scale synthetic fuel production in Finland. The final report will be published in April 2021 on CLC’s website.
The power-to-X and hydrogen economy is also growing rapidly internationally. Japan and South Korea established their hydrogen strategies a couple of years ago, and a rush of new plans has been seen in the last year. The EU and several member states, including the Netherlands, Spain, Germany, Portugal and France, established their hydrogen strategies in 2020. Russia also established its hydrogen strategy in the last year, and China is expected to unveil its strategy as part of its forthcoming Five-Year Plan. In the US, President Joe Biden has extolled the climate potential of hydrogen.
CLC has 80 members that employ over 500,000 people globally. Its corporate members in Japan, South Korea and Canada represent almost 70% of the market cap of the Helsinki stock exchange. CLC’s members believe that a society-wide transition to a sustainable economy and consumption habits is not only possible but also economically viable.
More Information: Jouni Keronen, CEO, Climate Leadership Coalition, +358 50 4534881, email@example.com and Juha Turkki, Development Director, Climate Leadership Coalition, +358 45 3461925, firstname.lastname@example.org