Pirate's Cove

St. Greta would be very upset if she wasn’t so concerned with protecting Hamas

Sweden is retreating from its bold green ambitions

Six years ago, the cobbled square outside Sweden’s parliament buzzed with energy as Greta Thunberg and her “Fridays for Future” demonstrators urged passing lawmakers to act on climate change through loudhailers and whistles.

On a recent Friday, it was far different. Two protesters, a small cardboard sign and a quiet vigil.

The energy that’s drained out of the campaign mirrors a broader deflation of green ambitions in Sweden and across the continent. Populist groups are pushing back against environmental initiatives, spurred on in part by Donald Trump’s anti-green agenda, and there’s been a weakening of near-term emission-reduction measures, especially where climate and cost-of-living policies have clashed.

The shift is widespread, but it marks a particularly sharp turn for Sweden, long a European leader on climate defense, driving aggressive emissions cuts through fossil fuel taxes and support for cleaner industries.

Perhaps the Swedish citizens got sick of the Green Authoritarianism and rising prices, especially when there is a real problem with Islamic extremists raping and harassing Swedish women.

Now, skepticism has taken hold in parliament, the environmental drive gone into reverse, and investors in giant clean industrial projects are getting cold feet. Among those at risk is the world’s biggest new green steel plant, strapped for cash before it’s even started production.

Sweden’s backslide is even more striking given its energy backdrop. The country not only has access to copious amounts of emissions-free electricity from hydro power, nuclear plants and wind farms; More importantly, it’s among the cheapest in the world.

Nuclear and hydro are great. Wind not so much when it’s too cold for them to operate.

The most high-profile commercial failure has been Northvolt AB. Once Europe’s best hope for local battery production for car makers and others, cost overruns and production delays pushed it into bankruptcy. After it ran into trouble, the government refused to bail it out.

Stegra AB — the start-up behind the green steel facility — has also received a cold shoulder from fiscal policymakers in Stockholm as it tries to raise capital to avert a funding crisis.

If they were so great they’d be able to operate without massive government backing as the private market says “nope, not worth it. We want a return on investment.”

With the next general election just eight months away, battle lines have already emerged around climate issues, and whoever wins will be hugely important to companies with ambitious projects. Opposition parties — including the Social Democrats and Greens — say they will renew the green push through an extension of credit guarantees and grants for emission-lowering industries, as well as a new state green investment bank.

Well, I guess we’ll see who wins.