Sweden invests US$546m to combat climate change

climate change
Sweden aims to eliminate its dependence on fossil fuels. The government has allocated up to US$58.4m on solar energy development alone

The Swedish government has announced that it will invest US$546m into projects aimed at addressing climate change, with the implementation of renewable energy and smart energy technology.

In a statement, Sweden’s Prime Minister Stefan Löfven said that “Sweden will become one of the first fossil-free welfare states in the world.”

The government plans to invest in smart clean technologies, such as energy storage, smart grids, and smart transportation along with subsidies for green cars.

Sweden will also re-look at its climate policies and upgrade residential buildings in a bid to make them more energy efficient.

Toward 100% RE generation

Part of Sweden’s aggressive climate change-averse approach is the increased use and integration of renewable energy technologies, including solar and wind energy.

An estimated US$58.4 million will be spent on the development of solar energy between 2017 and 2019 alone, reports Bloomberg Business.

Sweden reportedly generates two-thirds of its electric power from hydroelectric and nuclear energy – however, the government said it aims to become one of the world’s first nations to end its dependence on fossil fuels.

The government also announced that a number of ageing nuclear power plants will cease operation earlier than expected. It added that 144MW of wind power will be added to Sweden’s grid with the establishment of the new Sidensjö wind farm, located in Västernorrland, Sweden.

Mr Löfven said: “We are the first generation that can put an end to poverty. And the last that can put an end to climate change.”

“When European regulations do not go far enough, Sweden will lead the way.”

Key advisor to Prime Minister Löfven, Johan Rockström added: “2015 is our opportunity, a chance to, in dialogue with all the countries of the world, change course towards a new development path where we can succeed in generating welfare for all, not at the planet’s cost but in cooperation with it.”