The Scandinavian countries of Denmark, Norway and Sweden are home to ~7.3Mta of cement production capacity. This is at odds with government plans to quicken the pace of decarbonisation in a bloc that already has one of the world’s most aggressive CO2 targets. Yet, greater use of alternative fuels, carbon taxes and advances in CCUS may help solve this conundrum.
As they recovered from the impact of the COVID-19 pandemic, the Scandinavian economies saw significant GDP growth in 2021 with the IMF noting growth between 3.9-4.8 per cent YoY. Leader of the pack, Sweden, posted GDP growth of 4.8 per cent, representing a robust turnaround from a 2.9 per cent contraction in 2020. Denmark’s economy expanded by 4.1 per cent, not seen since 1994, while Norway’s GDP advanced by 3.9 per cent YoY.
