He sure is anti-coal but anti mining ?

Address by PM Stefan Löfven at the Climate Ambition Summit 2020

Published 12 December 2020

Stockholm, 12 December 2020.
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Your excellencies,

Ladies and gentlemen,

The Paris Agreement was a triumph for multilateral cooperation. It gave us hope that we could curb climate change and rising temperatures.

During these five years, we have seen progress.

But science never lies. Current measures under the Paris Agreement are not enough.

The clock is ticking. We need to step up the pace.

Sweden will do its part:

• internationally, providing finance and innovative technology; and
• nationally, by increasing measures to become the world’s first fossil-free welfare state.

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Last week, we presented our national Long-Term Strategy.

By 2045, Sweden is to have zero net emissions of greenhouse gases, and thereafter achieve negative emissions.

This autumn, our first global pilot plant for fossil-free steel production was launched, Hybrit. This is one of the biggest technological shifts in steel manufacturing in a thousand years.

In addition, a Swedish mining company, LKAB will invest a further 40 billion EUR to lower its emission, which could help their customers world-wide reduce their emissions by 35 million tonnes per year. It is equivalent to two thirds of Swedish national emissions.

The Government’s Budget Bill for 2021 includes up to 1.5 billion euros in green credit guarantees.

On export finance – in addition to the existing ban on financing exports to coal power plants – by the end of 2020, no more export credit guarantees will be given for deals linked to the exploration, extraction and transportation of coal.

By 2022, we will end Swedish export credits for investments for fossil-fuel prospecting and extraction.

Last week, we hosted the second summit of the Leadership Group for Industry Transition, which we launched together with India last year. I am happy to announce that Sweden will provide a multiannual contribution over three years to the Climate Investment Fund amounting to 30 million euros.

We are the first country to provide multiannual financial contributions to the Adaptation Fund and the Least Developed Countries Fund, amounting to 100 million euro for the period 2019-2022.

We need to step up our ambition and action. It is a responsibility for all countries.

Let’s walk the talk!