Paris climate agreement will accelerate energy system transformation – advancement must be market-driven
FORTUM CORPORATION PRESS RELEASE, 12 December 2015
The global climate agreement reached at the Paris Climate Change Conference (COP21) will accelerate energy system transformation and create new business opportunities.
Especially significant are the Climate Change Conference’s entries on emissions pricing and cooperative approaches, encouraging the use of market-driven climate actions. Emissions pricing and emissions trading are cost-efficient, fair and technology-neutral ways to reduce emissions, accelerate investments and promote the development of products and services that are more climate friendly.
“The success of the Paris Climate Change Conference creates a stable, long-term political framework for the energy sector, a framework that steers investments to low-carbon production forms. The agreement will accelerate the major energy system transformation that is already under way and will create new business opportunities. It is now important that the energy and climate policies of the EU and the member states support this intent. Market-driven development must be trusted and the regulations reduced,” says Fortum’s President and CEO Pekka Lundmark.
Fortum will continue its investments in emissions-free, market-driven energy production, in line with its strategy. At the same time, the company will develop new and more efficient energy production forms and will offer its customers smart solutions to impact energy consumption.
Fortum Corporation
Corporate Communications
Further information:
Kari Kankaanpää, Senior Manager, Climate Affairs, tel. +358 50 453 2330
Additional information about our projects is available at http://futureenergy.fortum.com/
Paris climate agreement
The ambitious, long-term goal of the agreement signed by 196 countries is to limit the increase in the global average temperature to well below 2 °C and even to 1.5 °C. This requires a significant reduction in emissions by all areas of society, but especially in energy production and energy use, which accounts for two thirds of global greenhouse gas emissions. The goal of the agreement is to reach global peaking of greenhouse gas emissions as soon as possible.
In addition to EU emissions trading, there are already several other national or regional emission trading mechanisms in use around the world. The Paris agreement will add momentum to their further development and will create prerequisites for their collaboration and thus for a more global market.
Fortum
Fortum’s purpose is to create energy that improves life for present and future generations. Fortum’s expertise is in CO2-free and efficient electricity and heat production. The company also offers energy-related products and expert services to private and industrial customers and energy producers. Fortum’s main areas of operation are the Nordic and the Baltic countries, Russia and Poland. In 2014, the annual sales (excluding the divested electricity distribution business) totalled EUR 4.1 billion, and comparable operating profit was EUR 1.1 billion. The company employs approximately 8,000 people. Fortum’s share is listed on Nasdaq Helsinki. www.fortum.com