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Norway and the United Kingdom Business Summit [Conference Report?]
PURE PLANET [Just Green Capital]
We wake up believing people and our planet deserve to feel safe, healthy, and happy.
London, 1st March 2023 by Tiffany Stewart , Junior Analyst at PURE PLANET [Just Green Capital]
Summary
Organised by Innovasjon Norge , Norwegian Energy Partners (NORWEP) , Innovate UK , the N?rings- og fiskeridepartementet , Energidepartementet (Norge) , as well as the British Embassy Oslo and the Norwegian Embassy in London, the Norway and the United Kingdom Business Summit demonstrated the strength of the partnership between the two countries for the transition on green industry.
The conference began with the signing of an MoU on Carbon Capture and Storage (CCS) between the two countries, signalling greater cooperation on hydrogen development. The North Sea was a key early theme of common ground between Norway and the United Kingdom, and maximising its capacity for carbon capture was marked as a key priority.
UK Secretary of State for Energy and Security, Grant Shapps:
“We need to ask how best we can work with other countries to increase CO2 trading across boundaries, as well as working together on hydrogen”
Norway Minister for Petroleum and Energy, Terje Aasland:
“We have had a close cooperation with Great Britain for many years on carbon capture and storage, and I am pleased that we are now strengthening our partnership to include hydrogen.”
Bernard Looney (CEO, BP) and ?yvind Eriksen (President and CEO, Aker ASA, Norway) discussed the transition in the energy industry, assessing the need for a transition in the oil and gas sector to incorporate green energy options, particularly wind energy.
The conclusions were that this transition is a natural shift for the oil and gas industry, because of the capacity of energy companies as a whole to take on large-scale green projects, and the wider benefits that they bring to the oil and gas industry.
This was followed by the ’Accelerating the energy transition’ panel featuring Kjerstin Braathen (CEO, DNB), Geir H??y (CEO, Kongsberg Group), Julian Barratt-Due (Director Kohlberg Kravis Roberts & Co), Katherine Sherwin (Global Head of Infrastructure and Real Estate Sustainable Invest, BlackRock), Darko Hajdukovic (Head of Platforms and Product, Primary Markets, LSEG).
The panel considered the capacity of the industry to undergo the energy transition from an investment point of view, as well as the sustainability of such investments in the long term, and whether there was the capacity to complete this transition efficiently and within the crucially small window of time that the world faces to rapidly make a shift.
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The conclusions were that while the capital was available, as well as the possibility for such a shift to occur, it is vital now more than ever that strong partnerships are made between financial institutions and the energy sector. The importance of international partnerships, such as that of Norway and the UK was also underlined.
[SHOWCASE] NORWAY-UK COLLABORATION OFFERS REVOLUTIONARY ECO-FRIENDLY EV-TIRES FOR?LONDON
The showcase by Inge Berge , COO at Wastefront and G Erlendsson , CEO at ENSO was an excellent example of the entrepreneurship and innovation at the forefront of the transition in the green energy industry.
WasteFront is a Norwegian rubber waste recycling company founded in 2019 which has identified an ‘underreported but major cause of pollution’ caused by end-of-life-tyre waste, converting tyres into liquid hydrocarbons and carbon black, to use in ‘alternative fuel manufacturing or ground rubber production’. WasteFront uses unique technology and innovation to achieve this, with new and proven techniques of extracting the commodities from the waste products. WasteFront has the backing of Innovation Norway.
ENSO is a UK-based sustainable tyre manufacturer founded in 2016, focused on creating sustainable, efficient and eco-friendly tyres for electric cars. ENSO tyres allow for high levels of performance while offering a reduction of energy consumption per mile, a more economically and emissions efficient solution for both the consumer and the planet.
In addition to a showcase from each company, Berge and Erlendsson also discussed the strategic partnership between the two businesses, which was announced in March last year with the backing of energy giant Vitol. The idea is to build a ￡100 million tyre recycling plant in the north of England, and to see ENSO incorporate the recycled carbon black produced by WasteFront by 2024 in its tyres. Moreover, the building of the recycling plant ensures a continued circular life cycle to the tyres, reinforcing ENSO’s sustainability commitments, and providing WasteFront with a partnership that allows them to deliver their recycled carbon black to sustainably manufacture tyres.
Another venture showcased by ENSO was the subscription model being introduced and trialled to over 100 LEVC London taxis, with the range-extending tyres intended to reduce running costs and ensure a sustainably longer-life to the tyres. Moreover, the subscription service allows drivers to cut out up-front costs and allows an effective replacement service once the tyres are no longer usable, so that they can be recycled.
The showcases were very well-received, as the two companies demonstrated the extent of innovation and entrepreneurship at the forefront of the green energy transition.
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