EK: A record year in green transition investments

Investments worth more than 8 billion euros in the green transition were completed in Finland last year, he says The Confederation of Business.

EK describes the level of investment as a record in the history of the green transition data window it collects.

According to EK, last year, in particular, onshore wind power and data center investments were completed, as well as individual large manufacturing industry projects. All in all, 174 projects were completed last year.

Last year, almost 280 new projects, worth around 24 billion euros, were launched across the country.

In terms of numbers, investments related to energy storage and data centers are emphasized. Investments of more than 12 billion euros in data centers and nearly 7 billion euros in hydrogen plants were launched.

According to EK, in light of current figures, projects worth 5.3 billion euros would be completed this year. An even bigger investment wave would occur in 2027, when projects worth more than 7 billion are about to be completed.

“The first larger biogas plants and battery industry projects are scheduled to be completed this year, and electric boilers, electrical storages and data centers are also being put into operation in abundance”, EK’s leading expert Janne Peljo commented in the announcement.

Large-scale projects in motion

According to the data window maintained by EK since 2021, there are more than 1,250 green transition investment projects at various stages in Finland, with a total value of more than 300 billion euros.

According to EK, in the light of the figures, green transition investments have become a significant economic driver for Finland.

According to Peljo, Finland should now start large-scale industrial projects that use electricity, such as metal refining or hydrogen projects.

“Now would be a good time to give them a nudge with specific industrial policy measures,” Peljo commented.

“Competitor countries invest in the development of energy systems and ramp up gigantic support programs”, EK’s head of green growth Ulla Heinonen says.

A tax credit aimed at large green transition investments was introduced in Finland last year.

Business Finland granted credit to 37 clean transition projects for a total of two billion euros.

An extension to the tax credit is currently being prepared.