Emissions are rising again, and companies are in financial trouble
- The energy of the “Fridays for Future” campaign in Sweden has drained, mirroring a broader deflation of green ambitions in the country and across the continent.
- Sweden’s backslide on climate defense is striking, given its access to emissions-free electricity and history of driving aggressive emissions cuts through fossil fuel taxes and support for cleaner industries.
- The country’s green industrial revolution is faltering, with companies such as Stegra and Northvolt facing funding crises and the government refusing to provide support, leading to a rise in emissions and a drift away from climate targets.
Six years ago, the cobbled square outside Sweden’s parliament buzzed with energy as Greta Thunberg and her “Fridays for Future” demonstrators urged passing lawmakers to act on climate change through loudhailers and whistles.
On a recent Friday, it was far different. Two protesters, a small cardboard sign and a quiet vigil.
The energy that’s drained out of the campaign mirrors a broader deflation of green ambitions in Sweden and across the continent. Populist groups are pushing back against environmental initiatives, spurred on in part by Donald Trump’s anti-green agenda, and there’s been a weakening of near-term emission-reduction measures, especially where climate and cost-of-living policies have clashed.
The shift is widespread, but it marks a particularly sharp turn for Sweden, long a European leader on climate defense, driving aggressive emissions cuts through fossil fuel taxes and support for cleaner industries.
Now, skepticism has taken hold in parliament, the environmental drive gone into reverse, and investors in giant clean industrial projects are getting cold feet. Among those at risk is the world’s biggest new green steel plant, strapped for cash before it’s even started production.
Sweden’s backslide is even more striking given its energy backdrop. The country not only has access to copious amounts of emissions-free electricity from hydro power, nuclear plants and wind farms; More importantly, it’s among the cheapest in the world.
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Now, as the plans falter, there’s a clear impact in towns that were supposed to be the heart of a new green economy.
In Skelleftea, the site of the bankrupt Northvolt battery plant, blocks of apartments built for workers now stand empty while businesses in the town have been forced to cut staff.
In Skelleftea, the site of the bankrupt Northvolt battery plant, blocks of apartments built for workers now stand empty while businesses in the town have been forced to cut staff.
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Sweden’s climate targets are drifting out of reach, with the OECD saying it will miss most of its 2030 goals.
On parliament square last month, Christmas shoppers and commuters streamed past the two climate demonstrators, largely oblivious to them.
On parliament square last month, Christmas shoppers and commuters streamed past the two climate demonstrators, largely oblivious to them.
