Stockholm, 5 September 2022 (TDI): Sweden is aiming to be climate neutral 5 years ahead of the European Union (EU) target. For this, Sweden received a grant from the EU of €155.7 million in aid in its efforts to reduce emissions and lessen the effects of the shift to a greener economy.
Sweden aims to be climate neutral 5 years ahead of the 🇪🇺 target.
We grant 🇸🇪 €155.7 million to support the country’s efforts to curb emissions and alleviate the impact of the green transition.
The funds will ensure that the transition leaves no one behind.#EUGreenDeal
— European Commission 🇪🇺 (@EU_Commission) September 5, 2022
Sweden is receiving economic assistance from the EU in its efforts to become climate neutral by 2045 for a climate transition. Moreover, to ensure that no one in the local economy and society is left behind during this transition, Sweden will mobilize a total investment of €311.5 million.
Executive Vice-President for the European Green Deal, Frans Timmermans, 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.”
Timmermans added, “The support from the Just Transition Fund (JTF) 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.”
Commissioner for Cohesion and Reforms of the EU, Elisa Ferreira, said: “Industrial counties of Sweden produce a significant part of the country’s greenhouse gases. With the adoption of the Just Transition Fund, we are helping Sweden curb the emissions while protecting the local population against its negative economic and social consequences.”
Just Transition Fund (JTF)
The Just Transition Fund (JTF) assistance will support the Swedish industry’s transition to climate neutrality while keeping its competitiveness and maintaining levels of the economy and employment.
Furthermore, the transformation of the primary greenhouse emitters, the steel, mining, and metals industries account for 32% of Sweden’s total greenhouse gas emissions.
Moreover, by funding research and innovation and worker retraining and skill development, the JTF will aim to lessen this impact.
JTF Partnership Agreement in Sweden
The JTF helps the regions that are most impacted by the shift to a climate-neutral economy. The identification of these territories is specified in Territorial Just Transition Plans (TJTPs).
Furthermore, it is taking place through discussion with the Commission as part of the negotiations around the Partnership Agreements for the years 2021–2027 and the related programs.
The Partnership Agreement in Sweden was approved by the Commission in June 2022. Moreover, the agreement involved substantial investments in initiatives promoting a climate-aware economy and a sustainable environment, amounting to 30% of the European Regional Development Fund (ERDF).
In addition, the Commission also provided special technical assistance, including advanced technical and local knowledge, for the creation of the TJTPs in response to a request from the Swedish authorities.
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