Insurance and Pension Denmark (I&PD) has raised concerns about the speed of the green transition and has called on the government to draw up a comprehensive investment plan for the country’s transition.

The comments follow a report by the Danish Council on Climate Change, which argued that the green transition is moving too slowly. The council wants more electricity generation based on renewable energy in order for Denmark to meet its climate goals by 2030.

Whilst acknowledging the work already completed by the Danish government, I&PD supports the climate council's recommendations to bring forward and expand renewable energy if Denmark is to achieve the goal of the green transition. The council separately highlights power-to-X energy because the technology has the potential to displace fossil fuels in, for example, parts of shipping and aviation.

“The climate council's warning is clear. If we do not gain speed in the development of offshore wind and energy islands, then we run the risk of other future green technologies suffering. This includes power-to-X. But we need new technologies to achieve our climate goals,” I&PD vice president, Tom Vile Jensen, said.

“We are concerned about the delays in the supply of energy islands and associated offshore wind farms. We hope and call for the process to be sped up. The current situation in Ukraine only makes the need to expand green energy even more urgent.”

The Danish pension industry has invested DKK 248bn in green technologies, wind turbines and companies that contribute to the green transition. A total of DKK 87bn has been invested in Denmark.

I&PD has called on the government and the parties in the Folketing draw up a comprehensive investment plan for Denmark's green transition – including how and when key players can help finance the various activities in the transition.

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