Finance Act 2020: a greener direction for Denmark
On 2nd of December 2019, the Danish government and four parties set up Denmark’s Finance Act 2020, which announces Denmark’s priorities in welfare, education and the green transition. With the Finance Act 2020, Denmark’s green transition will be significantly strengthened towards the ambitious target to reduce Danish CO2-emissions by 70 per cent by 2030.
The parties and the government made an agreement to establish “Denmark’s Green Future Fund” with total funds of DKK 25 billion . The fund will contribute to a national and global green transition, including development and dissemination of new technologies, transformation of energy system to renewable energy, energy storage, energy efficiency, and global exports of green technology, especially in wind energy. The fund will also contribute to addressing the challenges posed by climate change and a growing world population in terms of food shortage and water scarcity. Among others, Finance Act 2020 also allocates funds for several different green sectors in agricultural land set aside, green buses and taxi, electric cars, Energy Island project, Bicycle Pool projects, and Climate Council.
Click here to read Finance Act 2020 (in Danish)