February 26, 2016

Finland to provide EUR 80 million investment aid to renewables

Finland wants to source more than 50 per cent of its energy needs from renewables during the 2020s.
Finland wants to source more than 50 per cent of its energy needs from renewables during the 2020s.
iStock.com/HOBerggren

Finland wants to increase its share of renewables to more than 50 per cent by the 2020s.

To support this sustainable development, the Government will provide 80 million euros in aid to biofuel and new energy technology projects to meet its climate goals by 2030.

The Finnish Government approved the Government Decree on General Terms of Granting Investment Aid for Renewable Energy and New Energy Technology. The aid scheme is primarily connected with the key project “Bioeconomy and clean technologies” in the Government’s focus area.

The use of renewable energy will be increased in Finland so that its share will rise to more than 50 per cent during the 2020s and the self-sufficiency to more than 55 per cent. The share of renewable transport fuels will also be raised to 40 per cent by 2030 and Finland will stop using coal in energy production and halve the use of imported oil for domestic needs during the 2020s.

To achieve these goals, the Finnish Government plans to allocate 80 million euros for the investment aid in 2017 and 2018 concerning the production of transport biofuels and pilot projects for new energy technology.

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