WEBVTT

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Decarbonizing the energy sector is key
to solving the climate challenge

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and the Nordics are already frontrunners
in creating connected renewable energy systems.

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However, we need much more decisive action

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to meet the increasing future
demand for green electricity.

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Today I speak with leading
senior executives from the Nordics

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about what they believe
are the green growth opportunities.

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I’m Esben.
Welcome to Nordic Net Zero

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Today the energy sector accounts for 15%
greenhouse gas emissions in the Nordics.

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However, a necessary massive shift is required
from the Nordics to win the green transition.

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If done right, we have a 29 megaton
reduction potential at home

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and another 365 times that globally.

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There’s a high need
for partnerships going forward.

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We are talking about replacing fossil fuels
with renewable energy in a number of industries,

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so there needs to be cooperation between
energy companies supplying renewable energy

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and the various companies
in the industry utilizing it.

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And, among the energy companies we need cooperation
to combine the technologies and skills.

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So, the winning concept of the future
are strong and dedicated companies cooperating.

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There will be a need for some subsidies,
but that should be short-term.

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It should be to help new technologies come
over the high cost in the beginning.

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The energy system they’re going
to create in this world will be self-financed

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and profitable for the companies
in the long run with old subsidies.

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And what is needed is to find mechanisms
of pricing of carbon emissions in a right way

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so that we can compete
with the existing fossil technologies

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and further to have requirements of regulations.

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The opportunities for Statkraft
in the green shift is 3 folded:

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First, we will construct a large number
of power plants, almost one per week.

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Wind power, hydro power, solar power.

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Secondly, we will balance out
intermittency of the system,

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dominantly by running on hydro power plants
and grid stabilizing system.

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And finally, we will also deliver other
forms of renewable energy:

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Green hydrogen, green ammonia,
bio fuels and district heating.

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The combination of offshore wind
and a strong hydro system

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will be major contributor to Norway’s
own electricity consumption,

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but also to be exported to Europe.

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The full energy sector across the World
needs to be decarbonized

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by producing as much electricity
as possible from renewable sources.

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So, it is the combination of renewable electricity

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and electrification that will do the bulk of the job.

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But electricity cannot replace all forms of energy.

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There needs to be molecules,

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there needs to be fuels as well,
and that should be also renewable.

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Also, the district heating systems
needs to be totally decarbonized.

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The combination of it all is the energy shift.

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We aim to be leading nation
in emission-free shipping.

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This can be done with battery electric ships
and ferries on short distances

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and hydrogen-based fuels
and biofuels on long distances.

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I hope Norway will be
a world leader also here.

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To power the green transition and ensure reliable
renewable energy at affordable prices,

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the Nordics must drastically
accelerate the build-out

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of renewable energy production
like wind and solar.

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At the same time, massive investments
are needed in grids and infrastructure

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to shape an integrated renewable energy system.

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On top of that, decarbonizing heat will require
combination of renewable electricity

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as well as green fuels based on
biogas and biogenic feedstock.

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With the green energy market estimated
to be 4.2 trillion euros by 2050,

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these actions are not just about
cutting emissions at home.

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It’s about strengthening our future
export potential to create green jobs.