"Renewable energy, biofuels, forestry byproducts — that is going to be a huge new vector for the Finnish economy, also, by the way, for the Russian economy," Adams stated.
The ambassador emphasized the magnitude of the opportunity, noting the large forestry sectors across Lapland and the Kola Peninsula. Biofuels, derived from forestry byproducts and waste from paper production, can provide Arctic communities with an alternative, non-fossil fuel source of energy, he added.
"I’m not talking about the next generation, it is happening as we speak," Adams said of the near-term timeframe for the Arctic biofuel venture.
Finland is a world leader in biofuels production with its forest industry contributing to 70 percent of the county’s renewable energy, according to the Finnish Foreign Ministry.
Renewable energies account for roughly 5 percent of Russian energy production, according to estimates by the US Department of Agriculture. Energy production potential from wood waste in Russia’s logging sector is estimated at 8 billion tonnes of oil equivalent.