Renewable energy Vs. Fossil fuel in Finland

Abstract

Working toward a carbon neutrality target of 2035, Finland has already made significant strides in the conversion from fossil fuel to renewable power. The percentage of fossil fuel in Finland's overall energy use decreased from 53% in 2011 to 36% in 2021 as there were very substantial reductions in the consumption of coal, oil, natural gas, and peat. Meanwhile, renewable power sources have also increased substantially, particularly wind power and biofuels. Careful analysis of Finland's energy system reveals recent trends and evaluates the prospects for the expansion of renewable sources of energy and fossil fuel replacement. Moreover, studies discussing Finnish energy policy mention the current budgetary and renewable energy production legislation of the country. Historically, Finland was depended mainly on renewable energy sources for heating and electricity. Although the diffusion cost of renewable energy is greater than that of fossil fuels or nuclear power plants, this is compensated for by other policy factors and the cost of running renewables, particularly in countries with a high dependence on fossil fuels.

The current research explores the role of the renewable portfolio in Finland's energy action plan, which foresees the development of renewable penetration technology. The thesis for a comparison between renewable energy and fossil fuels in Finland can analyze the country's energy transition process, policies, and comparative advantages and disadvantages of transitioning to renewable energy versus fossil fuels. There is a case study in this thesis to demonstrate the biofuel energy generation analysis in ETIP-bioenergy and GERMI institute.