Sweden’s COP29 financial package
Published
Sweden is and will remain one of the world’s most generous donors of international climate finance. Swedish climate aid will be expanded and streamlined. With its substantial contribution in 2022, Sweden played a significant role in achieving the goal of USD 100 billion per year in global climate finance. Sweden’s contribution to international climate finance is at the core of its climate policy. International climate finance will contribute to both emissions reductions and climate adaptation.
In connection with the COP29 climate change conference in Baku, Azerbaijan, Sweden is providing several new types of financial support:
| Name of fund | Purpose of fund | SEK million |
| Green Climate Fund (GCF) | Supports large-scale projects for green transition, emissions reductions and climate adaptation. Mobilises private capital for climate investments. Multi-year support for the strategy period 2024–2027. |
8000 |
| Fund for responding to Loss and Damage | Aims to help particularly vulnerable countries manage climate-related loss and damage. Multi-year support to a recently-started fund. | 200 |
| Adaptation Fund | Funds projects in developing countries to strengthen resilience against, and adaptation to, climate change. Disbursed in 2024. | 130 |
| Least Developed Countries (LDC) Fund | A climate fund that supports the least developed countries’ development of national action plans for climate adaptation and implementation, focusing on agriculture, food security and health, and access to water. | 130 |
| ‘Early Warning Systems 4ALL’ – UN Office for Disaster Risk Reduction (UNDRR) | UN Secretary-General António Guterres’ initiative to include the whole world in warning systems for various types of impending extreme weather events. This supplements the SEK 60 million in support that was approved in 2023. | 20 |
| Nationally Determined Contributions (NDC) Partnership | Supports efforts related to countries’ national climate plans to reduce their emissions. This Partnership provides policy and consultancy support to states’ work on climate plans that will be presented at COP30 next year. | 30 |
Swedish climate finance
The support outlined above supplements Sweden’s existing climate finance. The majority of Swedish climate aid is provided via Sida – in 2023, this was SEK 5.2 billion. Sweden’s total climate aid totalled SEK 9.4 billion in 2023, an increase of more than SEK 800 million compared to 2022. Alongside the abovementioned climate funds, Sweden provides approximately SEK 100 million annually to the Nordic Development Fund and is providing around SEK 670 million to the Global Environment Facility in 2024.
Overview of climate aid
| Climate aid, SEK billion | Outcome 2022 | Outcome 2023 |
| Sida’s climate aid | 4,3 | 5,2 |
| Swedfund climate-related capital injections | 0,3 | 0,7 |
| Multilateral climate funds | 2,4 | 2,1 |
| Development banks and other funding sources | 1,6 | 1,4 |
| Total climate aid | 8,6 | 9,4 |
This joint international climate finance is a commitment under the Paris Agreement. To achieve the goals of the Agreement, international climate finance must increase. The donor base needs to be broadened and more countries need to contribute. Sweden welcomes other countries’ increased contributions and urges countries that have not contributed to do so, so that we can jointly mobilise for a green transition around the world. As part of the Government’s reform agenda, Sweden is working to link climate aid and international climate finance with trade promotion. Swedish businesses and the Swedish resource base have a lot to share and to contribute to other countries’ green transition.
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