Danish business can reduce emissions and create 120,000 jobs, confederation says

The Confederation of Danish Industry (Dansk Industri, DI) says that it is possible to reduce the country’s climate impact while creating thousands of jobs and increasing prosperity.

Danish business can reduce emissions and create 120,000 jobs, confederation says
File photo: Bax Lindhardt/SP/Ritzau Scanpix

The organization, a private interest group made up of approximately 10,000 Danish companies, has released a new climate plan which targets a 65-70 percent reduction in CO2 emissions by 2030.

That puts DI in tandem with the government’s stated goals on emissions reductions. The Social Democrat government wants a 70 percent reduction on 1990 emissions levels by 2030.

READ ALSO: Environmental organizations cheer 'historic' Danish climate goal

DI estimates that the plan could create as many as 120,000 jobs in the private sector, boosting Denmark’s economy by 110 billion kroner.

“Companies must, to a great degree, be at the forefront of developing the technology which will get us to the high climate targets,” DI CEO Lars Sandahl Sørensen said.

“Denmark has a tradition for creating energy efficiency and sustainable energy. We in Denmark can be a laboratory for the rest of the world in developing the technologies needed for a worldwide green conversion,” Sørensen continued.

The DI plan includes climate initiatives costing up to 16 billion kroner and 150 different political proposals.

That includes more consistent taxation of CO2 emissions and investment in efficient energy use in industry and in buildings.

DI also believes fossil fuel use in the transport sector can be phased out and that electric cars should be exempted from registration fees.

READ ALSO: Explained: Why is it so expensive to buy a car in Denmark?

Construction of two new offshore wind farms as well as new on-land solar and wind power facilities is also outlined.

The plan also includes a number of measures intended to help finance the climate-related projects.

Those include reforms to boost employment of those currently out of work, new graduates and skilled foreign labour.

Tax and finance measures would reward companies which invest in research and development, under DI’s climate plan.

The organization also states that some of what is referred to as a ‘buffer’ (‘råderum’) in state coffers could be spent to make the plan reality.

READ ALSO: 12 percent of Danish wind energy to be produced by giant new offshore farm

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Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.