STOCKHOLM — Sweden and Finland could suffer “dire” economic consequences if they are forced to harvest less forest in order to meet their EU-mandated climate targets, the two countries said this week. As part of the European Union’s plans to reach net zero emissions by 2050, Sweden and Finland have been tasked with increasing the amount of CO2 bound up by forests. But both countries say they are on track to miss the EU’s Land Use, Land-Use Change and Forestry (LULUCF) targets for the period 2021-2025 and 2026-30, blaming climate change for slower tree growth and the war in Ukraine for increased demand. ” …Swedish Prime Minister Ulf Kristersson said “To severely restrict large parts of Nordic forestry is the wrong path to take.” Industry and environmental groups both see forests as a key part in fighting climate change. Forestry firms stress sustainable management and the role of biofuels and wood in replacing fossil fuels, plastic and concrete.

Related coverage in Bloomberg: Sweden, Finland Urge EU to Rethink Climate Targets for Forests