Sweden to double its climate development aid

Sweden Cop 26
Photo: Markus Spiske/Unsplash

Sweden will double its climate development aid to 15 billion Swedish kronor ($1.7 billion) by 2025.

 ”The climate crisis is a global crisis and should be dealt with through common action”, Prime Minister Stefan Löfven, Per Olsson Fridh, Minister of international development cooperation, and Per Bolund, Minister of climate wrote in an Op-ed.

The climate crisis has hit the world´s countries unequally. Whilst the richest countries are responsible for the biggest climate footprint, the poorest countries have born a disproportionately heavy burden. It is with this in mind that the Swedish government underlines the special responsibility of the world´s richest countries to scale up climate actions.

”The developed countries must act upon their responsibilities to limit global emissions as much as is needed”, says the Prime Minister.

The announcement of the increased climate development aid comes in the run-up to COP26, the UN Climate Conference in Glasgow. The conference comes at a critical point in time in world history, the ministers say in a statement.

$100 billion target

Sweden´s increased international climate development budget puts a pressure on other industrial countries to fulfil their promise from 2009 and contribute to the $100 billion to climate finance annually.

Sweden contributes 1% of its GNI to international development aid. By doubling its climate aid Sweden wants to help developing countries to implement the Paris Agreement.

This effort will also help climate adaptation in the global south, so developing countries can find alternative resources to fossile fuel for the development of their economies.

In parallel, Sweden will adjust its domestic production. The aim is for Sweden to become the first fossile-free welfare state. With support from state investment programs, the government plans to invest in a fossile-free steel production, large-scale battery-production and recycling of plastic. The aim is to reduce emissions and at the same time create new green jobs.

”Sweden must be a part of the solution so that the world can remain within the 1.5° target”, says Per Olsson Fridh, minister for international development cooperation.