Forsikring & Pension (F&P) has called on the government to present a green investment plan “very quickly”, amid fears that the switch to a green economy is happening too slowly in Denmark.

Following the publication of the Climate Council’s report on the green transition, F&P stated that it shared the Climate Council’s concern that there was not enough pace on the transition if Denmark is to achieve its climate targets.

The association reiterated its support for the government’s “ambitious” targets and acknowledged that the government had shown how the industry and country can find the necessary reductions to meet the 2030 target.

However, it highlighted that the new report from the Climate Council emphasised that there was currently a high risk that Denmark would not meet this target.

“We can only achieve the climate goals if there is serious pace and action behind the words,” commented F&P deputy director, Tom Vile Jensen.

“There is a need to speed up the approvals of wind turbines, solar cells, etc. and remove the barriers that stand in the way.

“Otherwise, we will lack the necessary green power to make Denmark a technological pioneer and leading PtX nation.”

Jensen called for the long-term investment framework for the development of solar, wind and PtX to be presented in the first half of 2023, adding that there was an urgent need for the government to find a solution to the ‘open door’ scheme so offshore wind development can move at pace.

“Roughly speaking, there will be no green transition without investments,” Jensen continued.

“Therefore, there is a need for the Danish pension billions as well as the money of foreign investors and companies to go to investments in the green transition in Denmark.

“It requires predictability and security for investors, and right now uncertainty has been created. We run the risk of investments bypassing Denmark.”

F&P has therefore called for clarity on plans to meet climate goals and for the green investment plan to be introduced quickly, stating that the investment plan must ensure the timely planning of the “massive” public and private investments that are needed.

It argued that the clearer the framework was, the faster the pensions industry can initiate green investments.

Jensen concluded: “We know that the government is in working clothes. We propose that there be an energy investment plan.

“It will be a powerful tool to reassure investors that Denmark not only wants to, but can also execute on the green transition.”

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