President of the Nordic Investment Bank at COP: Price alone cannot be in the center of energy questions

Dubai, 5th of December: World financial experts, representatives of countries, and renewable energy industry entrepreneurs at the UN Climate Conference agree that addressing the energy trilemma, balancing energy security, equity, and environmental sustainability, translates into practice as risk management.


“The price alone can never be in the center of energy questions. Accessibility, sustainabilty, and affordability must jointly lead this field,” confirms André Küüsvek, President of the Nordic Investment Bank. He adds that finding ways to phase out old technologies and supporting innovation needs to happen more rapidly.


Simon Virely, Vice Chair and Head of Energy at KPMG UK, states that UK is in decarbonization of the electric system one step closer. “To reach climate goals, we need to electrify different sectors and provide a solution for long-term storage. The key to this is the Cap & Floor measure,” notes Virely. He announced the upcoming unveiling of the Cap & Floor mechanism, marking its first-time application for long-duration energy storage, bringing the decarbonization of the electric system one step closer. Previously has such a measure been used only for interconnectors.


According to Peep Siitam, CEO of Zero Terrain, the current situation feels like a chicken-and-egg dilemma as it’s unclear whether secure, clean, and affordable energy or large-scale value-adding investments come first. “Governments, policymakers, and industry stakeholders often struggle to find the right combination between policy and technology. In reality, an integrated approach is needed, finding an optimal balance for the trilemma is key in creating a forward-looking energy strategy,” adds Siitam.


Secretary General Keit Kasemets from the Ministry of Climate of Estonia confirms the nation’s government is committed to producing and utilizing 100% renewable energy. “Without good connectivity and comprehensive grids, attracting investors is very difficult. Now, looking at offshore wind and long-term storage, we need to find the best way to make the price competitive and establish the right support schemes,” concludes Kasemets.


This year marks the 28th UN Climate Conference, featuring the first review of the Paris Agreement to analyze goal fulfillment and inhibiting factors. The Estonian pavilion also focuses on this area.


On December 5th, during COP28, Zero Terrain CEO Peep Siitam led a panel discussion on solutions and prospects for the energy trilemma. Participants included André Küüsvek, President of the Nordic Investment Bank; Simon Virely, Vice Chair and Head of Energy at KPMG UK; Keit Kasemets, Secretary General of the Ministry of Climate of Estonia; Janne Peljo, Chief Policy Adviser at the Confederation of Finnish Industries; and Sigurður Atli Jónsson, CEO of Arctic Green, the world’s largest and fastest-growing geothermal heating and cooling consortium.

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