Nordics in the forefront of global emission reductions

The Nordic countries stand out globally for their high electricity consumption per capita, significantly exceeding both European and global averages. However, this is offset by a strong commitment to green energy, with a large portion of electricity produced from renewable sources like hydro, wind, and geothermal power, making their energy consumption much greener than in many other regions.

While many European countries and other parts of the world still rely on fossil fuels, contributing to higher CO2 emissions, the Nordics reduce their carbon footprint and set a global benchmark for sustainable energy. At the same time, energy efficiency measures should be prioritised to further reduce electricity consumption.

The Draghi report highlights that Europe’s future competitiveness depends on transitioning to a low-carbon economy, moving away from imported fossil fuels and price volatility. The Nordic countries serve as a model of how sustainable energy practices can benefit both the environment and the economy.

Since the 1990s, electricity consumption per capita has surged across the globe, reflecting the intertwined nature of economic development and energy use. The world has seen a staggering 66% increase, Europe a more modest 12%, and the Nordics an impressive 48%. This rise in electricity consumption per capita mirrors the economic strides made, with advancements in technology, industrial growth, and improved living standards driving the demand for more power.

Fast forward to 2022, and the Nordics stand out with a significantly higher electricity consumption per capita compared to both Europe and the World. This isn’t just a statistic; it’s a testament to the region’s robust economic health and high quality of life. Europe, while not matching the Nordics, still consumes twice the amount of electricity per capita as the global average, underscoring its own economic vigour and technological advancements.

In essence, the story of electricity consumption is one of progress and prosperity, highlighting how far we’ve come and the power we need to sustain our modern lifestyles.

Figure 12.1: Electricity consumption per capita 1990-2022

Since the 1990s, the share of renewables in power generation has risen significantly—globally by 11 percentage points, and in Europe by 27 percentage points. The Nordics, already leaders in renewable energy, have increased their share by 22 percentage points, thanks to abundant natural resources like hydropower, geothermal, and wind power, along with strong governmental policies supporting green energy.

By 2022, renewables accounted for 78% of Nordic power generation, compared to 38% in Europe and 26% globally. This achievement reflects the region's early adoption of renewable technologies and continued investment in sustainable infrastructure, setting a global benchmark.

The Nordics' high renewable share not only underscores their environmental leadership but also results in significantly lower CO2 intensity in power generation compared to Europe and the world. This demonstrates that economic growth can go hand-in-hand with reducing carbon emissions and promoting sustainability.

Figure 12.2: Renewable energy share in power generation 1990-2022