Join forces to close the energy gap

The initiative was launched in response to increasing concerns about energy shortages and the need for more sustainable energy solutions as Norway works to reduce its carbon footprint. It involves expanding renewable energy sources, such as wind, hydro, and solar power, as well as upgrading existing infrastructure to handle higher capacities and improve energy efficiency.

“The energy boost”

Kraftløftet is a collaboration between the Norwegian government, Norway’s largest interest organization for businesses, NHO, and LO, the Norwegian Confederation of Trade Unions. They work closely together with the energy companies, and other stakeholders, like the municipalities, to ensure that the country has a future reliable and sustainable energy supply to support its industries, households, and the broader goal of achieving climate neutrality.

The name "Kraftløftet" can be translated to "The Power Lift" or "The Energy Boost." The Kraftløftet partners recently launched phase 2 of the initiative, Kraftløftet 2.0 at Mongstad in Greater Bergen. With the expected increase in energy production, there is a growing need for enhanced grid infrastructure and energy storage solutions. Investing in energy infrastructure in Vestland will not only support the region's renewable energy expansion but also ensure the stability and reliability of energy supply across Norway and beyond.

Norwegian minster of Energy Terje Aasland participated at the kick off.

- With today’s production we are facing an energy deficit. We need a broad movement to secure that Norway has a reliable and sustainable energy supply to support its industries, households, and the broader goal of achieving climate neutrality. This shift is crucial for meeting local and national energy demands and our continued economic growth and sustainability. We need the jobs, that are the foundation for our communities, but we also need to cut emissions, he concluded.

Also Vestland’s county mayor, Jon Askeland, was present. Vestland contributes by providing advice, facilitating networking, offering financial support for projects, and granting funds to promote green growth

Vestland is actively working to secure emission cuts and promote green initiatives. The projecct “Grøn region” has identified 19 HUBs as location for re-idustrializing the region. County mayor Jon Askeland tells how the expertise gained from the petroleum industry gives them a competitive advantage in the ongoing green transition.

 - Vestland poised to become a major hub for renewable energy development. With its rich natural resources, strategic location, and growing demand across various industries, Vestland presents a golden opportunity for those looking to be at the forefront of the green energy transition.

LO’s Peggy Hessen Følsvik was also clear it is time to act: - Doing nothing is not an alternative.

You can read more of the supporting facts and background here. 

Secure energy security

“Kraftløftet” is vital to secure economic growth hand in hand with emissions cuts. Norway has committed to ambitious climate goals, including becoming carbon neutral by 2050. At the same time a stable and abundant energy supply is vital for Norway's economy, particularly for energy-intensive industries. Norway, like many other countries, is undergoing a green transition, moving away from traditional energy sources like oil and gas towards more sustainable alternatives.

“Kraftløftet” is a key part of this transition, helping to ensure that the shift to green energy is both feasible and sustainable. 

Sufficient energy is also crucial for ensuring that the country can meet this increasing demand without experiencing shortages, which could disrupt industries, households, and critical infrastructure. 

Much of Norway’s existing energy infrastructure needs upgrading to handle new technologies and increased capacity. Kraftløftet includes efforts to modernize this infrastructure, which is crucial for integrating renewable energy sources into the grid and improving overall energy efficiency.

Why Vestland?

Vestland offers a stable and supportive environment for investors. The Norwegian government's commitment to renewable energy, combined with favourable policies and incentives, makes the region an attractive destination for both domestic and international investors. Additionally, Greater Bergen's well-established industries, such as aquaculture and maritime services, provide a ready market for new energy projects.

As Greater Bergen continues to develop its energy potential, the region stands out as a key player in the global renewable energy market. Moreover, investing in our region means contributing to a sustainable future. The region is at the forefront of Norway's green transition, and investments here will have a lasting impact on reducing global carbon emissions while driving economic growth.

For all those looking to make a meaningful impact while securing strong returns, Vestland offers unparalleled opportunities. Do not hesitate to contact any of our advisors if we can help you get in touch with companies of interest.