The findings highlight the significance ofNordic countries in leading the world in the environment and greenhouse gasemission field, emphasizing the effect of climate change and policies
FOREIGN TRADE UNIVERSITY FACULTY OF INTERNATIONAL BUSINESS ECONOMICS // MID-TERM PAPER DEVELOPMENT ECONOMICS THE ROLE OF NORDIC COUNTRIES IN CLIMATE CHANGE MITIGATION Group: Class: KTEE406(GD2-HK2-2223).1 Instructor: PhD Vu Hoang Nam Members Student ID Nguyễn Thế Đức 2112450606 Nguyễn Quang Tùng 2112450087 Dương Hà Linh 2113450015 Nguyễn Phan Hà My 2112450068 Bùi Trường Quốc Bảo 2112450015 Contribution Signature Ha Noi, December 3rd, 2023 THE ROLE OF NORDIC COUNTRIES IN CLIMATE CHANGE MITIGATION Nguyễn Phan Hà My1, Nguyễn Thế Đức, Nguyễn Quang Tùng, Bùi Trường Quốc Bảo, Dương Hà Linh Student at Faculty of International Economics, Foreign Trade University Assoc Prof Vũ Hoàng Nam Faculty of International Economics, Foreign Trade University _ ABSTRACT With rapid development and urbanization, the entire globe has faced significant challenges related to climate change, particularly in developing countries To combat this situation, world-leading countries in climate change mitigation such as Nordic countries have a pivotal role in addressing environmental concerns and green-economy development The purpose of this research paper is to find the role of Nordic countries in climate change mitigation and provide some insightful information about their policies and their effect Our findings mostly utilize a qualitative method with data references from papers on the topic that either use quantitative or qualitative approaches The findings highlight the significance of Nordic countries in leading the world in the environment and greenhouse gas emission field, emphasizing the effect of climate change and policies used by these countries to mitigate them Keywords: Nordic countries, climate change mitigation Contact author: k60.2112450068@ftu.edu.vn Table of Contents Introduction 1.1 Background 1.1.1 Overview of climate change and its global impact 1.1.2 Importance of international collaboration in addressing climate change 1.1.3 Sustainable Development Goals and Climate Change Mitigation 1.2 Nordic countries 1.2.1 Brief introduction to Nordic 1.2.2 Nordic countries's commitment to climate action Literature review 2.1 Nordic Climate Policies 2.2 Global Climate Agreements The Nordic approach to climate change mitigation .9 3.1 Overview 3.2 Nordic countries mitigate climate change 10 3.2.1 Denmark 10 3.2.2 Finland 13 3.2.3 Greenland .16 3.2.4 Iceland 18 3.2.5 Norway 19 3.2.6 Sweden 21 Nordic international collaboration for climate initiatives 23 4.1 Overview of Nordic Participation in International Climate Agreements .23 4.2 Nordic Development Fund 27 4.2.1 The Goals of Nordic Development Fund .27 4.2.2 Overview of 2022 results 29 Conclusion 34 Introduction 1.1 Background 1.1.1 Overview of climate change and its global impact Climate change, defined as the long-term alteration of temperature and typical weather patterns in a place, has emerged as a paramount global challenge, demanding immediate attention and concerted action This phenomenon, primarily driven by anthropogenic activities, particularly the combustion of fossil fuels, is causing a cascade of environmental, social, and economic impacts that threaten the well-being of humanity and ecosystems worldwide The global impacts of climate change are becoming increasingly evident Rising sea levels, intensifying weather events, and disruptions to natural ecosystems are just a few manifestations of this multifaceted challenge These impacts are expected to exacerbate in the coming decades, posing significant risks to food security, water resources, human health, and infrastructure 1.1.2 Importance of international collaboration in addressing climate change Climate change is a global challenge that transcends national borders No single country can effectively address this issue on its own International collaboration is paramount to develop and implement effective mitigation and adaptation strategies, share knowledge and resources, and promote equitable action among countries The Paris Agreement, adopted by 196 Parties at the 21st Conference of the Parties (COP21) of the United Nations Framework Convention on Climate Change (UNFCCC) in 2015, marked a pivotal moment in international cooperation on climate change This landmark agreement set a long-term goal of limiting global warming to well below degrees Celsius, preferably to 1.5 degrees Celsius, compared to pre-industrial levels It also established a framework for countries to contribute to achieving this goal through nationally determined contributions (NDCs) International collaboration is not merely an option; it is imperative The challenges posed by climate change are too vast and complex for any single nation to overcome alone By working together, sharing resources, and fostering innovation, the global community can rise to this challenge and build a more resilient and sustainable future for all 1.1.3 Sustainable Development Goals and Climate Change Mitigation Sustainable development is an approach to social, economic, and environmental planning that attempts to balance the social and economic needs of present and future human generations with the imperative of preserving, or preventing undue damage to, the natural environment The United Nations has identified 17 Sustainable Development Goals (SDGs) to be achieved by 2030, which aim to end poverty, protect the planet, and ensure prosperity for all Climate change mitigation is an essential component of sustainable development, as it contributes to the achievement of several SDGs, including SDG (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities), and SDG 13 (Climate Action) SDG aims to ensure access to affordable, reliable, sustainable, and modern energy for all Climate change mitigation can help achieve this goal by promoting the use of renewable energy sources, such as solar, wind, and hydroelectric power, which are clean, abundant, and sustainable Document continues below Discover more from:tế phát Kinh triển KTE406 Trường Đại học… 16 documents Go to course Tổng hợp trắc 24 nghiệm KTPT Kinh tế phát triển None KTPT MCQ - MCQ tổng hợp các… Kinh tế phát triển None CHƯƠNG - Trường Đại học Ngoại… Kinh tế phát triển None ĐỀ CƯƠNG - STUDY 11 WITH ME Kinh tế phát triển None Câu hỏi trắc nghiệm thị môn kinh tế phá… Kinh tế phát triển 5+ Ezenwobi SDG 11 aims to make cities and human settlements inclusive, nghiên safe, resilient, and sustainable Climate change mitigation can 25 - cứu các… help achieve this goal by promoting sustainable urban planning Kinh tế phát triểnand and design, such as green buildings, public transportation, None None bike lanes SDG 13 aims to take urgent action to combat climate change and its impacts Climate change mitigation is a critical component of achieving this goal 1.2 Nordic countries 1.2.1 Brief introduction to Nordic The Nordic countries, also known as the Nordic region or Scandinavia, consist of five sovereign nations in Northern Europe: Denmark, Finland, Iceland, Norway, and Sweden These countries share historical, cultural, and linguistic ties, as well as a similar social and political model known for its emphasis on social welfare, equality, and high living standards The Nordic Council is a forum for cooperation among the Nordic countries, facilitating collaboration on various issues such as economic policies, cultural exchange, and environmental concerns The council serves as a platform for these nations to address common challenges, share experiences, and work together on issues such as economic policies, environmental sustainability, cultural exchange, and social welfare The Nordic Council plays a crucial role in promoting unity and fostering dialogue among the Nordic countries, contributing to the region's reputation for effective regional cooperation 1.2.2 Nordic countries's commitment to climate action The Nordic Council has introduced progressive policies to combat climate change Nordic countries’ forward-looking climate and energy policies have been designed on the basis that well-planned efforts to reduce greenhouse gas emissions can mitigate climate change while also promoting sustainable economic growth and employment This decoupling of emissions from economic growth has already begun in the Nordic region First, they make the most of renewable assets The Nordic countries are variously endowed with plentiful renewable energy resources including hydropower, wind power, geothermal energy and forest biomass Each country is striving to make the most of the renewable resources available locally The high and widespread levels of renewable energy are due to the use of hydropower in Norway and Sweden, and the effective use of biomass in combined heat and power plants in Finland and Sweden Meanwhile Denmark has the highest share of wind power in the world, and Iceland has abundant geothermal energy Figure 1.1 Nordic electricity generation mix (TWh) in 2013 (Source: International Energy Agency / Nordic Energy Research (2016), Nordic Energy Technology Perspectives 2016) Second, Nordic countries play a role as green technology forerunners Nordic countries have proactively encouraged research and development investments in clean energy sources and energy-efficient technologies The establishment of domestic markets for environmentally friendly technologies not only fosters the creation of new green jobs but also lays the foundation for increased exports, especially as other regions seek solutions to address the global climate challenge Third, The Nordic countries have worked together for decades to make economic growth and welfare improvements compatible with ambitious environmental policies, while actively contributing to environmental improvements in the Nordic Region and beyond Literature review 2.1 Nordic Climate Policies The discussion of how Nordic countries promote “green growth” is rising to the top of the policy agenda for every national leader as a result of the burning issue in recognition of the major challenges presented by global warming and climate change derived from carbon dioxide emissions Therefore, this topic has raised the attention of many researchers for years and some featured research can be listed such as: "Nordic Green to Scale" (Mariko Landström, Oras Tynkkynen (ed.), Tatu Leinonen, Janne Peljo, 2019) explored the potential for scaling up green solutions in the Nordic region It delved into various sectors, including energy, transportation, and consumption, providing insights into policy measures "Nordic Energy Technology Perspectives 2016" (Markus Wråke, Marcus Liljeberg, Fredrik Martinsson, 2016) focused on the energy sector in the Nordic region The report provided insights into the technological perspectives and innovations required for sustainable energy development in Denmark, Finland, Iceland, Norway, and Sweden It discussed various aspects of energy technology, including renewable energy sources, energy efficiency, and the transition to a low-carbon energy system Additionally, the report offered recommendations and scenarios for policymakers, industry stakeholders, and researchers to guide the Nordic countries in achieving their energy and climate goals “The Nordic Countries in the Green Transitions - more than just neighbors” (Tine Sundtoft, 2018) explored the collaborative efforts of Denmark, Finland, Iceland, Norway, and Sweden in addressing environmental challenges and transitioning towards sustainable practices The report was expected to delve into regional initiatives, policies, and strategies aimed at achieving greener economies Emphasizing the interconnectedness of these nations beyond geographical proximity, it may analyze the effectiveness of individual country policies and showcase successful collaborative projects