Sweden is a major name in the renewable and clean energy market that has seen an overwhelming growth in the past couple of years following the depletion of fossil fuels as well as the issue of climate control.
Although Sweden is seen as a very efficient producer of renewable energy the reality on the field is something different. According to some sources Sweden is facing immense issues related to electricity which is hindering the growth of its industrial sector. The industrial market is already damped by the global crisis of the United States-China trade war and in addition to that, the Sweden electricity crisis can further worsen the condition of the country’s economy. This has stemmed from the goal of going 100 renewable and clean as soon as possible and in this race, Sweden is shutting down its reactors making the shift more brutal on the industries as the clean sources are yet to produce high power that is required for the industrial sector. The grid is now suffering from shortages and struggling to keep up the demands of the major cities. This shortage of power can have serious implications on the nation’s growth, threatening everything from 5G rollout to capital investments in the energy sector and new subway lines. This could lead to Sweden being expelled from the bid to host Winter Olympics in 2026.
This homegrown issue should be immediately addressed and resolved by the concerned authorities of Sweden before it sees the fall of its industrial sector as well as the energy sector. This could very well result in a miserable fall of Sweden’s economy as the market is not favourable for almost all of the countries except the huge and self-sufficient economies.