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In To The Decade Of Electricity
It’s time to take action –climate change won’t wait
Fortum considers climate change as one of the biggest challenges for mankind today and believes that transitioning to a carbon-neutral society by mid-century is a necessity. Decarbonising the power sector will play an essential role, but it will not be sufficient in order for the EU to meet the targets of the Paris agreement or the 1.5 degree target of the recent IPCC report. Reaching these targets will also require gradual decarbonisation of traffic, industry as well as heating and cooling.
At the same time, the energy sector carries the responsibility of providing security of supply at all times. Energy must be available at an affordable cost to consumers and industry alike also during the transition to a decarbonised energy system.
“The urgent need to respond to climate change will impact the whole society. Decarbonisation is needed in all sectors and clean electricity can be a significant enabler. Hence, we see the 2020’s becoming the decade of electricity”, says Pekka Lundmark, Fortum’s President and CEO.
For Fortum climate change is both a challenge and an opportunity
Reducing the carbon footprint of traffic, industrial processes and buildings increases the demand for clean electricity. Coupled with digitalization, decarbonisation will bring about major changes in the way people and industry use energy. The change will present significant growth opportunities for businesses that can facilitate the path for their customers with clean energy and engineering services.
Fortum is well positioned in the ongoing transition.In Europe, Fortum produces carbon dioxide-free electricity with hydro, nuclear and wind power, and at combined heat and power plants that utilise bio and waste-derived fuels. Thanks to its clean production-mix, Fortum is one of the least emitting energy companies in the EU. In Russia, Fortum’s energy production is mainly natural gas-based, with wind and solar as a growth area. Fortum is also active in solar power in India.In addition to producing energy, Fortum offers energy and expert services globally, and has unique capabilities, for example in the area of nuclear engineering, waste management and decommissioning.
Boosting resource efficiency with circular economy
Alongside climate change, megatrends such as urbanisation, population growth and dwindling natural resources are shaping the world. They are pushing societies to maximise the efficient use of resources such as waste and biomass. Fortum addresses this challenge by promoting the transition towards a more extensive circular economy.
For Fortum, circular economy means that materials are recycled as much as possible and hazardous substances are removed from circulation. As much of the waste stream as possible is recycled, recovered or reused. Waste that is unsuitable for recycling or reuse is incinerated in waste-to-energy plants. This reduces the use of virgin fuels in electricity and heat production.
Change where it matters
The entire energy sector is undergoing a transformation. It is difficult to predict how power markets, technology and regulatory environment will develop – the future is more uncertain and development quicker than ever.
In this increasingly complex energy landscape Fortum wants to drive the change towards a cleaner world by reshaping the energy system, improving resource efficiency and providing smart solutions. Making changes where it matters the most.