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Sweden investing $546 million to combat climate change

Staff writer ▼ | October 15, 2015
The Swedish government has announced that it will invest $546 million into projects aimed at addressing climate change, with the implementation of renewable energy and smart energy technology.
Stefan Löfven
Ecology and nature   The implementation of renewable energy in Sweden
In a statement, Sweden’s Prime Minister Stefan Löfven said that “

Sweden will become one of the first fossil-free welfare states in the world.” The government plans to invest in smart clean technologies, such as energy storage, smart grids, and smart transportation along with subsidies for green cars.

Sweden will also re-look at its climate policies and upgrade residential buildings in a bid to make them more energy efficient.

Part of Sweden’s aggressive climate change-averse approach is the increased use and integration of renewable energy technologies, including solar and wind energy.

An estimated $58.4 million will be spent on the development of solar energy between 2017 and 2019 alone, reports Bloomberg Business.

Sweden reportedly generates two-thirds of its electric power from hydroelectric and nuclear energy – however, the government said it aims to become one of the world’s first nations to end its dependence on fossil fuels.