Sweden grants $1.5b for renewables & climate change

Sweden grants $1.5b for renewables & climate change

Sweden has announced it will put aside US$1.53 billion for investments in renewable energy projects, fossil-fuel-free travel and greenhouse gas emission reduction for the period of 2017-2020.

According to the government, this is the largest environment and climate budget the country has ever announced.

The private sector, municipalities and associations are expected to contribute towards such projects at least 50% on top of the sum the government has granted.

In addition, Sweden has set aside $59 million for international development, which will likely go towards climate financing in low and middle-income countries.

According to Eurostat, the statistical office of the EU, the country’s share of renewables in gross final consumption of energy was 52.6% in 2014. Sweden exceeded its 2020 target for 49% half a decade early.