At a summit on the climate transition of energy-intensive industries, Minister for Environment and Climate Isabella Lövin announced that Sweden intends to contribute a total of SEK 300 million to a new and innovative industry transition programme within the World Bank’s climate finance mechanism, the Climate Investment Funds (CIF).
Sweden will provide SEK 100 million per year between 2020 and 2022 to help developing countries and their industries develop roadmaps and climate strategies, and enable technological innovations throughout the value chain in energy-intensive industries.
“By helping other countries develop their roadmaps to fossil fuel freedom, we can accelerate progress towards zero emissions in the whole world,” says Minister for Environment and Climate Isabella Lövin.
The CIF has decided to set up a new programme as part of its broader reform efforts to strengthen its funds and increase integration of climate, energy and biodiversity into its activities. Sweden’s new support brings its total contribution to the CIF – up to and including this budget year – to SEK 1 110 million.
“Sweden’s support of SEK 300 million over three years, 2020 to 2022, to a new and innovative programme with the CIF is fully in line with Sweden’s development cooperation priorities. This support is an important contribution to a sustainable climate transition and renewable energy in energy-intensive industries. It also means that Sweden is taking additional responsibility to assist poor countries in implementing a climate-smart industry transition and phasing out fossil fuels throughout the value chain,” says Minister for International Development Cooperation Peter Eriksson.