Powering Nature-Positive Renewable Energy Parks

Summary

In 2023, OX2 committed to replicate and scale its proven nature-positive business model to ensure that all its projects meet environmental requirements and other local factors. OX2 is committed to nature-positivity by ensuring that wind and solar farms avoid areas of great natural value, minimizing intrusion into nature and restoring and offsetting the impact on nature through voluntary biodiversity initiatives. All working methods throughout the project cycle will continue to be developed in line with the principles of the mitigation hierarchy: avoid, minimize, restore and compensate. This commitment seeks to make renewable energy even more attractive to local communities as well investors, ultimately accelerating access to renewable energy.

Approach

OX2 commits to, overall, scale up a proven nature-positive model, making renewable energy more attractive economically, as well as positive for local communities, accelerating access to renewable energy.

OX2 will replicate and scale its proven nature-positive business model to ensure that all its projects meet environmental requirements and other local factors. OX2 is committed to nature-positivity by a) ensuring that wind and solar farms avoid areas of great natural value, b) minimizing intrusion into nature and c) restoring and offsetting the impact on nature through voluntary biodiversity initiatives. To achieve this goal, all working methods throughout the project cycle will continue to be developed in line with the principles of the mitigation hierarchy: avoid, minimize, restore and compensate.

OX2 is a leading European developer of renewable energy driving the transition to a sustainable future. As a renewable energy pioneer, with close to 20 years in business, the company is well positioned to attract long-term investments. By developing, constructing, and selling renewable energy solutions at scale, OX2 combines central capabilities with local, collaborative development teams and contractors. OX2 is working to ensure community engagement and project adaptation to local conditions, as well as promoting local jobs and value creation. The project portfolio consists of projects in onshore and offshore wind, solar, energy storage and renewable energy technologies, such as hydrogen. OX2 operates on eleven markets in Europe and is active in Australia as of spring 2023.

Action Plan

The commitment will be ongoing for the next 7 years making sure that the wind and solar farms constructed until 2030 are nature-positive. OX2’s projects will apply the mitigation hierarchy, firstly avoiding damage to existing natural values, secondly minimizing such damage, then implementing restorative measures and compensating for any remaining loss of biodiversity with the aim of being nature-positive. Offshore wind power is planned with consideration for minimizing adverse impact on marine and coastal ecosystems.

The development phase for large-scale wind and solar farms will be spanning over several years. During the development phase, wind and solar projects will be developed in close dialogue with all affected stakeholders including OX2’s industrial partners. An example is the partnership agreement with Ingka Investments in offshore wind project Galene in the Kattegat on the west coast of Sweden, with a potential capacity of 400 MW. The project received the relevant governmental permissions in May 2023 and the planning for emissions-free electricity by 2029. Together with Nordic Seafarm OX2 is exploring the possibilities for the large-scale cultivation of seaweed at the offshore wind farm.

OX2 is listed on the stock exchange in Stockholm and reports on its financial performance every quarter. The report also provides an update of important steps in our project development portfolio. Future specific actions will be shared with CGI once also shared per public disclosures.

Background

It is vital that renewable electricity generation is dramatically increased for our world to achieve the Paris Agreement´s goal of a maximum temperature increase of 1.5 C. The world needs to make a rapid transition from fossil fuels to implement the electrification of our society. Renewable energy, such as wind and solar, is the most cost-effective, scalable, and fastest way to increase electricity generation.

The challenge to massively increase access to renewable energy in the global energy mix is overwhelming. The European Union countries alone need to have 50 percent of all energy consumed by 2050 come from renewable energy, according to the Renewable Energy Directive 2018/2001/EU. The share of renewable energy needs to increase rapidly if we are to achieve the climate goals. In May 2022, the European Commission proposed an increased expansion of renewable energy and raised the target from 40 percent of the total energy mix to 45 percent by the year 2030, according to the REPowerEU plan. This is much needed to not only accelerate the transition to clean energy, but also to reduce the dependence on Russian gas.

However large the needs are, it is challenging to offer a renewable energy expansion which is nature-positive, avoiding areas of great natural value and minimizing intrusion into nature. Climate change and large-scale biodiversity loss are two interconnected global crises. Climate change is one of the five most important drivers of biodiversity loss, which causes carbon emissions and makes our societies more vulnerable to climate change. In addition, the latest research shows that the world cannot be content to simply slow the further loss of natural ecosystems. To bring about a resilient world, we need to mitigate climate change, and at the same time enrich biodiversity.

Progress Update

Partnership Opportunities

To meet environmental and societal needs working in partnerships is crucial. As an industry leader, OX2 seeks collaborations with forward looking organizations and energy players in sharing best practices., OX2 aims to reach close partnerships with industrial players as well as organizations and communities and invite others to join this endeavor. As the nature-positive commitment is embedded in the overall group strategy it is a part of OX2’s DNA irrespective of market demands.