Russia’s war of aggression affects our needs for security of supply and security in general. Energy dependency on Russia must be swiftly cut off and the significance of self-sufficiency and the green transition will grow. In the new situation the importance of the north becomes even more pronounced. The northern investments and investment potential of Finland, Sweden and Norway play a special role in the realisation of the green transition on the European level.
For example, in Luleå they are building a hydrogen storage facility into the rock at a depth of 30 metres. It will be used to store hydrogen created using wind power. The government of Sweden is also investing 810 million euros into new power lines in the north of the country. In Mo i Rana, Norway, construction is beginning on the pilot stage of a massive battery factory.
Finnish cities, chambers of commerce and northern regions published a discussion opener in early May titled: Review of Future Prospects in the North – Finland's Money Spinner and Gateway to the West (Pohjoisen tulevaisuuskatsaus – Suomen sampo ja portti länteen). This review sums up the development trends and special characteristics of the northern region that Finland should consider and utilise to promote sustainable growth in the entire country.
For example, we should be using clean energy in Finland to make high-value-added products instead of selling the precious green energy abroad. Finnish jobs and prospects for Finnish companies are on the line.
