Sweden is receiving €155.7 million (£134m) in EU grants to support the delivery of a “just” climate transition and help the country achieve climate-neutrality by 2045.
The nation is expected to mobilise a total investment of €311.5 million (£268m) to ensure the transition will not leave anyone behind in society and the local economy.
The EU grant will be provided through the Just Transition Fund (JFT), which will also support targeted investments to reduce greenhouse gas emissions in activities covered by the Emissions Trading System (ETS), such as steel and cement production.
Industrial emissions account for around 32% of Sweden’s total greenhouse gas emissions, with the transformation of the steel, mineral and metals industry – the main greenhouse emitters – expected to have an important socio-economic impact.
According to the EU Commission, the funding will help alleviate this impact by investing in research and innovation and in the retraining and reskilling of workers.
In Addition, around €9 million (£7.7m) of the JFT will contribute to the increased capacity of Gotland’s electricity grid.
Frans Timmermans, Executive Vice President for the European Green Deal said: “Sweden’s aim to be climate-neutral five years ahead of the EU target is truly commendable. The faster we transition to climate neutrality, the better we can mitigate the impacts of the climate crisis.
“ The support from the Just Transition Fund agreed in this plan will help Sweden meet its targets in an inclusive and fair way, offering new perspectives to workers in the country’s most industry-heavy regions.”