Danish pension companies and investors have called on the government to introduce initiatives to help move towards a green economy, move away from Russian gas and invest in renewable energy technology.

Forsikring & Pension (F&P) outlined three initiatives that it and its member believe the government should introduce and warned that slow progress on these initiatives would lead to Danish pension companies seeking investments outside of Europe.

It called for the long-term investment framework for offshore wind and Power-to-X (PtX) to be in place in the first half of 2023.

PtX is climate technology that F&P described as crucial for achieving climate goals, with the USA investing in PtX as part of its large-scale American investment programme, the ‘Inflation Reduction Act’.

F&P also urged the Danish government to establish the hydrogen infrastructure before the end of 2023 and invest in being able to refine the hydrogen into other forms.

Finally, it called for authorities to have sufficient resources for approvals, with this process to be ‘fast track’, and new and modern tenders should be considered.

“We should already be making investment decisions about a massive expansion of offshore wind and the establishment of PtX facilities in Denmark and Europe,” commented F&P CEO, Kent Damsgaard.

“So we can produce green hydrogen that can free us from the Russian gas and secure our place in the green transition. But the framework for investments in Denmark is not in place – and not in Europe either, and now we seriously risk the billions rolling out of Denmark and Europe.

“The Danish investors, including pension companies, will put their investments on the other side of the Atlantic if Denmark and Europe do not move now.

“After all, they cannot wait for years for Danish and European decisions or let their green projects languish in convoluted approval processes at a snail's pace. And the consequence is that the Danish and European objectives to ensure energy independence are threatened.

“The Danish pension industry alone has set the goal of reaching almost DKK 500bn in green investments worldwide in 2030.

“In addition, all foreign investors and companies with their money. With every month that passes, it costs billions in investments and in the long term even more billions in lost export income and - jobs here in Denmark and Europe.”

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