Will Fossil-Free Energy Turn Finland’s Economy Toward Growth?

One of the biggest international goals is to phase out fossil energy. That’s why it was interesting to note that 95 percent of Finland’s electricity production was based on fossil-free energy sources in 2024 — including nuclear, wind, hydro, and solar power, as well as renewable fuels.

Last year also marked a milestone: wind power surpassed hydropower to become the second largest source of electricity production. The only larger source is nuclear energy, which accounted for 38 percent of Finland’s electricity supply.

This development is not only excellent for climate action but also because fossil-free energy gives a competitive edge to investments that consume a lot of energy. For this reason, Finland is expected to attract a wide range of international investments in the coming years — from various data centers to fossil-free hydrogen production.

If and when these future promises are fulfilled, Finns will have reason to expect the national economy to finally embark on a path of growth. At the same time, Finland’s public finances could move toward balance — especially since the Finnish government has promised to implement reforms that support economic growth over the next two years.

Previous thoughts on the same topic:
The Green Movement is Withering – And That’s Not a Bad Thing
The difficult times for Finland's economy are coming to an end
Towards green energy despite serious drawbacks

Towards green energy despite serious drawbacks

Finland is currently building a nuclear plant, which was expected to be ready by year 2009. According to the most recent news a new problem was noticed in the plant, and therefore its addition to an electricity network will be delayed even more. 

In spite of the huge delays - due to uncompromised safety needs - it is probable that the plant will be in full operation during the coming spring. And lifts the country to a self-sustainability in electricity. 

One of the solved problems in Finland is the final disposal of nuclear waste. That makes a distinction to all other countries in the world and gives the northern country a relative benefit in the people´s acceptability of nuclear power compared to other nations.  

In addition to nuclear power, Finland invests considerably in windmills. Their number has increased in few years so much that in January they produced almost equal amount of electricity as the nuclear plants (four old ones, and the one cited above, which is in test use). 

Therefore it can be expected that Finland will become a net producer of energy in near future - most of which will be green (composed of nuclear energy, wind power, bioenergy and hydropower). That should open a new avenue to the northern country to gain economic investments. And to increase the standard of living of its inhabitants in a sustainable way. 

Previous thoughts on the same topic:
Reducing taxes, enhancing export and paying the governmental debt
The reasons behind the fall of Nokia´s cellphone business
They want to wipe out from Finland what is good for Africa