Experts find ways to attract energy investments to Finland

Finland has outstanding possibilities to become a leading country in clean energy and the hydrogen economy, but the investments it requires cannot be obtained without open stakeholder dialogue and consensus. This is the conclusion drawn in a recent report by a Fast Expert Team that studied the role of South Karelia and Eastern Finland in the energy transition. The Fast Expert Team consisted of over 60 energy industry experts from universities, ministries, the public sector, and business enterprises.

“Attracting clean energy investments requires a shared perspective. The new report summarizes the views of the diverse group of experts for decision-makers and lays a foundation for concrete measures going forward,” says Kirsimarja Blomqvist, professor of knowledge management at LUT Business School.

The main message of the report is that new energy investments can only take place through short- and long-term collaboration across sectors. For example, industrial-scale research and development on new technologies requires company–university collaboration and investments in pilot environments.

The Fast Expert Team’s proposals for attracting energy investments: 

1. Modelling the PtX value chain to develop technology solutions and profitable business for collaboration between actors.
2. Establishing a project company to carry out industrial-scale pilot projects involving companies, LUT University, and cities.
3. Creating an industrial-scale carbon capture, utilization, and storage research and technology centre in Eastern Finland as a national flagship project.
4. Improving the operating environment at LUT to increase tenfold the number of research-based start-ups at the university. 
5. Setting up a seed venture fund to support the creation of energy start-ups by international and domestic students.
6. Making the placement of international students in the business world of Eastern Finland a strategic objective.
7. Organizing an Invest In Network to support international investments and financing for the energy transition in Eastern Finland.
8. Inviting stakeholders to work together to address the obstacles to increasing wind power in Eastern Finland.