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Development of the green economy in Sweden

In the last decade, the importance of the concept of green economy has increased both in the political and economic context. This concept covers a number of policy measures aimed at reducing the negative impact of economic activity on the environment. Sweden is one of the most ambitious economies actively working towards the development of a green economy. It showed other countries that it is possible to combine economic growth with a reduction in the carbon footprint. The country has the most comprehensive carbon tax, actively invests in the development of electric vehicles, 50 % of its electricity comes from renewable sources. While some countries are hesitating and lagging behind in their environmental programs, Sweden’s response to the COVID-19 pandemic has been to redouble efforts to transition to a green economy: increased spending aimed at decarbonization, energy efficiency, the creation of green technologies and environmental protection. Eco-innovation is a key element of Sweden’s national environmental policy strategy, and the country is the flagship among the countries of the world in the development of new technologies in such areas as bioenergy, smart power grids, eco-friendly construction, waste recycling, environmentally friendly transport, water management and solar energy. Also, the Swedish government actively subsidizes the green industry and helps polluting industries to reduce the negative impact on the environment. As a long-term climate goal, Sweden intends to achieve zero emissions into the atmosphere by 2045. In this article, the author analyzes the development of Sweden’s green economy in the economic and political spectrum.