Swedish initiative to prevent EU aid budget investing in fossil energy
During the Foreign Affairs Council meeting on Thursday 16 May in Brussels, Minister for International Development Cooperation Peter Eriksson announced that Sweden will work to prevent the EU aid budget investing in fossil energy.
At the meeting, Mr Eriksson expressed the need for EU Member States to jointly highlight the acute nature of the climate crisis and increasingly urgent need for measures in the short term, in the form of both reduced emissions and increased adaptation. The Swedish Government proposes that the EU and the World Bank phase out support to fossil energy, and investments financed from such energy, in the aid budget. Mr Eriksson also stated that climate diplomacy is an important component of the EU’s joint advocacy efforts targeting other countries. This was raised as an agenda item on the 2030 Agenda and climate issues during 2019, as well as in comments concerning the negotiations on the aid-related/external parts of the next long-term budget.
The EU is Sweden’s most important foreign policy arena and central platform for implementation of the Government’s development policy. The EU and its Member States are the world’s largest aid donor, providing some EUR 74.4 billion in 2018.