Finland has pledged to fund various renewable energy projects in developing countries over the next four years. The country will mostly finance wind or wave technology projects.
The €114 million fund will help private sector companies with significant investments into renewable projects, but they will be expected to repay any investment made with interest over the next 25 years.
Some initial funding totalling €3 million has been spent on a major project run by the Moroccan energy company Gaia Energy. The project will create 22 power production facilities running mainly on wind power in nine different African countries.
It is highly hypocritical of Finland to push a renewable energy agenda overseas when the majority of their domestic energy mix comes from fossil fuels.
Finland enjoys a healthy mix of fossil fuels (44.5%), nuclear (17.3%), hydro (20.5%) and renewables (23.5%).
But how can a western nation push an-anti fossil fuel agenda whilst enjoying a luxurious amount themselves?
This can’t be right.
The first priority of any developed nation should be to help developing nations improve, increase and deliver significant advances in their energy capacity. Only by giving residents access to electricity can individuals help themselves out of poverty.
The only way to ensure that foreign aid is spent efficiently and effectively on electricity generation is for developed countries to build fossil fuel power stations, as these provide a significant amount of uninterruptible and reliable base-load power.
New technology into fossil fuel power generation has made newly built power plants reduce its overall emissions whilst also improving the power stations efficiency. They are cheaper to build and provide more output unlike their renewable alternatives.
Nations should look towards building power plants that can deliver more energy rather than only building renewable energy projects as a means to lower emissions.