Sweden on track to become fossil fuel free by 2040
Published on 18th May 2017
Osborne Clarke are proud sponsors of inspiratia’s riskWatch which assesses the risk of investing in renewables energy projects in the most active markets globally. Please see below an extract from inspiratia’s latest report on the Swedish renewables market.
Sweden could be set to become 100% renewable electricity reliant by 2040. Aside from multi-million dollar environment and climate budgets, Sweden has a number of different incentive schemes promoting renewables development. Moreover, the extension of the joint Norwegian-Swedish green certificate system further brings confidence for a bright future. In this context, Sweden achieved a riskWatch score of 77.35% with a positive outlook
In April this year [2017], Sweden agreed to extend the joint electricity certificate scheme, which was created alongside the government of Norway back in 2012. The scheme aims to support the development and growth of renewable energy sources beyond 2020. Under the new agreement, the support system in Sweden will be expanded by 18TWh of new electricity certificates, which adds additional clean energy generation to the country’s original target of 15.2TWh. As of 2015, Sweden has issued more than 21 million electricity certificates.
Sweden has achieved impressive results in developing onshore wind energy. More than 1500MW of new capacity has been installed from 2014 to 2016. The government plans to replace nuclear energy with onshore wind power projects. It also has ambitions of making Sweden a fully fossil-free country by 2040.
So what are the policy and regulation, project drivers, macroeconomics and politics driving change in Sweden? Please contact one of Osborne Clarke’s experts below to request a full copy of the inspiratia report.
About inspiratia: inspiratia provides real-time data, forward-looking analysis, and timely market news relating to global infrastructure and renewables sectors.
