img_5888

Ahead of the COP26 summit, the Swedish government has shown climate leadership by announcing it will double its climate development aid by 2025. Next, Sweden should back a high-level initiative urging governments to phase out public finance support to fossil fuels overseas – an opportunity for Sweden to step up climate action in the area of export finance, Swedwatch and the Swedish Society for Nature Conservation state in an open letter.

On October 1st, United Kingdom (UK) Climate Envoy John Murton and the President of the European Investment Bank (EIB) Werner Hoyer openly invited governments and public-finance leaders to join a statement for a phase-out of overseas public financed fossil fuel projects. The statement is to be launched at the UN Climate Change Conference COP26 in November.

The initiative builds on a policy adopted by the UK in March 2021, which puts an end to direct government support for the fossil fuel energy sector overseas, including through export credits. Sweden has adopted progressive climate policies on export credits limiting export finance support to most – but not all* – fossil fuel projects.

Ahead of COP26, Sweden has announced that it will double its climate finance budget by 2025, essentially making Sweden one of the highest contributors to climate finance on a per capita basis. Now, Sweden has the opportunity to show further leadership by expressing support for the UK statement, the open letter states (in Swedish).

Even though Swedish international public finance and export credits have little exposure to fossil fuel projects, Swedwatch argues that increasingly progressive climate action is needed to reach an international consensus for a wider phase out of fossil fuels support, including export finance.

*Under current policies, projects in the oil and gas value chain, including power plants, refineries, and pipelines as well as transport and storage of fossil fuels, can still be supported. Read more in a policy paper from Swedwatch.

  • Focus Areas: Natural resources
  • Publication: Article

Latest publications

Press contact

jenny-sv
Jenny Haraldsson Molin

This website uses cookies

Cookies consist of small text files. They contain data that is stored on your device. To enable us to place certain types of cookies we need to obtain your consent. At SWEDWATCH, corp. ID no. 802415-4737, we use the following kinds of cookies. To read more about which cookies we use and storage times, click here to access our cookies policy.

Manage your cookie-settings

Necessary cookies

Necessary cookies are cookies that must be placed for basic functions to work on the website. Basic functions are, for example, cookies which are needed so that you can use menus on the website and navigate on the site.

Functional cookies

Functional cookies need to be placed on the website in order for it to perform as you would expect. For example, so that it recognizes which language you prefer, whether or not you are logged in, to keep the website secure, remember login details or to be able to sort products on the website according to your preferences.

Cookies for statistics

For us to measure your interactions with the website, we place cookies in order to keep statistics. These cookies anonymize personal data.

Personalization cookies

In order to provide a better experiance we place cookies for your preferances

Cookies for ad-tracking

To enable us to offer better service and experience, we place cookies so that we can provide relevant advertising. Another aim of this processing is to enable us to promote products or services, provide customized offers or provide recommendations based on what you have purchased in the past.

Ad measurement user cookies

In order to show relevant ads we place cookies to tailor ads for you

Personalized ads cookies

To show relevant and personal ads we place cookies to provide unique offers that are tailored to your user data