Sweden said it's targeting to become one of the first nations in the world to be free of fossil fuels and that it will invest 4.5 billion kronor ($546 million) in climate-protection measures next year as a step toward that goal. The government will increase support for solar, wind, energy storage, smart grids and clean transport. Investment in photovoltaics will rise nearly eightfold. Sweden got about two-thirds of its electricity generation capacity from clean and low-carbon sources last year. It plans to significantly reduce its emissions by 2020. It didn't set a target date for the nation becoming fossil free, though Stockholm may reach that goal by 2050. Sweden will also spend 50 million kronor annually on electricity storage research, 10 million kronor on smart grids and 1 billion kronor to renovate residential buildings and make them more energy efficient. The Scandinavian country will also increase its funding of climate-related projects in developing countries, raising its budget to 500 million kronor. The government hopes it will send an important signal" before the United Nations conference in Paris in December.
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