COP30: Don’t Stop the Music

At COP30 in Belém, Brazil, NIB met with its clients at the Nordic Pavilion to discuss how climate action continues in cities, the power sector, and heavy transport—even as global momentum appears to slow. The panel “Don’t Stop the Music” explored Nordic climate solutions in a growing Nordic city, renewable energy and communities in Brazil, and the future of electric trucks — raising the question: does financing matter?

 “Since the last COP, we have seen quite serious setbacks on the global sustainability agenda,” said moderator Jukka Ahonen, Head of Communications at NIB. “It’s not only that US policy has reversed, but many countries are becoming less focused on climate. And we also see, unfortunately, that some companies and financial institutions are rolling back from their commitments.”

Ahonen referred to the International Energy Agency’s latest outlook that oil and gas demand will increase for the next 25 years, without any global change, saying “That’s the reason for our message, Don’t stop the music.”

Climate and Biodiversity in a Growing City

The City of Tampere in Finland case focused on how an expanding Nordic city links climate neutrality, public transport, and nature.

Kaisa Mustajärvi, Professor of Practice in Biodiversity and Natural Capital and Development Manager for the City of Tampere, one of Finland’s fastest-growing urban areas said, “We are in the happy position that Tampere and the companies there feel very committed to our climate work.”

“We are playing the music still and have our climate goals set: to be climate neutral by 2030. Our roadmap involves politicians, decision-makers, and citizens.”

Tampere’s climate work is organised across the sectors the city can influence: sustainable urban development, construction, transport, energy, consumption and urban nature. A central example is the tram line, which has reshaped mobility and public space.

“The tram is something we are sincerely proud of. It’s been very effective for our traffic emissions goal,” Mustajärvi said. “Public transport use has increased over 30% from pre-Covid numbers.”

Growth, however, brings land-use pressure and potential loss of green areas.

NIB President and CEO André Küüsvek asked “How do you think the biodiversity should be in a city that strives to be green?”

“When building new transport options, we also narrow the city’s green areas. Our citizens are very aware of the value of nature,” she said.

The tram has become a platform for biodiversity measures, including crossings for flying squirrels and new habitats for endangered species. Tampere is now building biodiversity criteria into its procurement processes.

“We are well-prepared on climate criteria, but with biodiversity, we are just starting. We need more scientific frameworks, but we are working on it.”

Renewable Energy and Local Communities in Brazil

While Tampere represents a Nordic city, Statkraft Brazil stands for the power system transition in a large emerging economy.

Guilherme Melo, Delivery Director at Statkraft Brazil, part of Europe’s largest generator of renewable energy and an active developer in Brazil’s wind and solar market, said “For us, the solution is called A++ from renewables.”

“Seventy-five percent of greenhouse emissions come from energy. Decarbonizing the power sector is key, and we are expanding our portfolio worldwide.” Statkraft focuses on wind, solar, and storage. “Today, our operations are 97% clean from renewables, and we’re investing further.”

Statkraft is also innovating with hybrid projects. “In Brazil, we inaugurated a co-op project combining solar and storage at the same site, creating flexibility and stability for the system,” Melo said.

Statkraft has a net zero target for 2040 and aims to reduce emissions per kilowatt-hour by 2030. It has also committed that decommissioned blades will not end up in landfill.

NIB President and CEO André Küüsvek raised the issue of social acceptance. “Most people like renewable energy, as long as it’s not in their backyard,” he said.

Melo responded that suitable sites are often in smaller municipalities. “Green resources are often in small cities with sensitive populations,” he said. “We invest in communication with authorities and communities. Before starting a project, we involve community representatives to understand their views. Our business is not just about construction; we operate projects for 30–35 years, so we seek long-lasting relationships.”

This includes information centres, a whistleblower channel, training for local workers and workshops for schools and farmers. “We organize training, so locals gain competence and employment,” Melo said. “We also look at the whole supply chain, including human rights aspects. It’s not fully in place yet, but we are working on it.”

Heavy Transport as a Hard-to-Abate Sector

The third case focused on heavy road transport, where emissions are high and alternatives to fossil fuels have been slow to scale.

Andreas Follér, Chief Sustainability Officer at TRATON AB, the commercial vehicle group behind Scania and one of the world’s largest truck and bus manufacturers, said “We are part of the freight sector that is responsible for massive emissions. So we have a big, big responsibility here. If you look at Scania, 98% of our emissions come when our products are used.”

Follér described the company’s position: “We are a hard-to-abate group, depending on technology breakthroughs, the energy sector, and customers willing to invest in our solutions.”

“We’re very much dependent on the customers to actually take a leap of faith and invest in our solutions.”

The pace of change has accelerated. “During the pandemic, we had no solutions. Five years later, we have the technology and ideas. There is no doubt this is the future.”

André Küüsvek asked “You mentioned that you want the customers to take a leap of faith, so I guess there is a premium here. Is there any way you incentivize them or do you see sufficient customer demand for that type of technology that makes, makes a huge benefit?”

Follér answered that the business case depends on the total cost of ownership.

“We are in a business-to-business environment and everything is about how to make money. Our electric trucks are two or three times more expensive than a diesel equivalent. But if you look at the energy side of it, you will save that money. If you look at repair and maintenance, you will save that money,” he said.

“Already today, in some use cases and regions, we can see a positive business case over a normal truck ownership of three to four years. And if governments update taxes, road-use charges and other policies, then within about ten years we expect the business case to be there across use cases and regions.”

“The only solution to reduce CO₂ per tonne-kilometre in the long-term is electric vehicles—battery electric trucks and buses.”

For now, the battery development is central, but uptake varies: “In Europe, only 2–3% of new sales are electric; in the US, almost zero; in China, 30%.”

On biofuels, Follér was clear: “Sustainable biofuels are a good short-term solution, but in the long-term the future is electric. We cannot power global transport with biofuels alone.”

Does Financing matter?

The panel closed by returning to the role of finance. For cities, affordable long-term capital is central.

“Financing matters, especially affordable financing for urban investment,” Mustajärvi said. “Cities really need to look at all the expenses a city has.”

From an industrial perspective, Follér linked finance to global competition and overlapping transitions. “It’s impossible to overstate the importance of strong, robust financial institutions that keep with the plot, even amid backlash. We are in three major transitions: electrification, digitalization, and automation. We need to invest early and not hold back.”

Across the three cases—a Nordic city, a Brazilian renewables portfolio and a global truck manufacturer—the message was consistent: climate and biodiversity solutions are available and in use. Whether the “music” continues depends on how cities, companies and public financial institutions align their decisions – and whether capital keeps flowing to projects that move systems towards lower emissions and stronger resilience.

At least the NIB panel participants will keep playing.