Sweden will double its climate assistance to SEK 15 billion ($ 1.7 billion) by 2025.
“The climate crisis is a global crisis and should be managed through joint action,” write Prime Minister Stefan Löfven, Per Olsson Fridh, Minister for International Development Cooperation, and Per Bolund, Minister of Climate in a Op-ed.
The climate crisis has affected the countries of the world unevenly. While the richest countries are responsible for the largest climate footprint, the poorest countries have borne a disproportionate burden. It is with this in mind that the Swedish government emphasizes the special responsibility that the world’s richest countries have to scale up climate measures.
“Developed countries must act on their responsibility to limit global emissions as much as necessary,” he said.
The announcement of the increased climate assistance comes in the run-up to COP26, the UN climate conference in Glasgow. The conference comes at a critical time in world history, the ministers said in a statement.
$ 100 billion target
Sweden’s increased international climate development budget puts pressure on other industrialized countries to fulfill their promise from 2009 and contribute the $ 100 billion to climate financing annually.
Sweden contributes 1% of its GNI to international development assistance. By doubling its climate assistance, Sweden wants to help developing countries implement the Paris Agreement.
This effort will also help climate adaptation in the global south, so that developing countries can find alternative resources to fossil fuels for the development of their economies.
In parallel, Sweden will adapt its domestic production. The goal is for Sweden to become the first fossil-free welfare state. With support from government investment programs, the government plans to invest in fossil-free steel production, large-scale battery production and plastic recycling. The aim is to reduce emissions and at the same time create new green jobs.
“Sweden must be part of the solution so that the world can stay within the 1.5 ° target,” says Per Olsson Fridh, Minister for International Development Cooperation.