Swedes Warm Again to Sustainable Investments, but Regional Divides Persist

Sustainable Investing Rebounds After Last Year’s Drop

According to the 2025 SUSY data, 23% of Swedes say they are willing to pay higher fees for sustainable investments, up from 16% in 2024. The share willing to accept a lower pension in exchange for a sustainable portfolio also rose, from 11% in 2024 to 15% in 2025.

The rebound suggests that appetite for sustainable investing has recovered somewhat from last year’s low. But willingness to pay remains below 2023 levels, when 34% said they would pay higher fees and 19% said they would accept a lower pension for a sustainable portfolio.

Few Expect Sustainable Investments to Outperform

Only 11% of respondents in 2025 said they believe sustainable investments generate higher returns, almost unchanged from 2024. This points to a persistent trust gap: while more Swedes are again willing to bear some personal financial cost for sustainable investments, most remain unconvinced that such choices will improve their financial outcomes.

At the same time, broader climate beliefs remain relatively stable. In 2025, 77% of Swedes said global warming is mainly caused by human activity, compared with 78% in 2024. A majority also continue to support stronger government action, with 65% saying the state needs to do more to combat climate change.

“The 2025 does not appear to be driven by stronger beliefs that sustainable investments offer better financial returns,” Anders Anderson, Swedish House of Finance researcher and Associate Professor at the Stockholm School of Economics, said. “One possible explanation is that recent setbacks among high-profile green industrial projects have made households more cautious about the financial case for green investments.”

Stockholm and Uppsala Lead the Green Investment Rebound

The national rebound is not evenly distributed across Sweden. Uppsala and Stockholm now report the highest willingness to pay higher fees for sustainable investments, at around 29% each. Stockholm also saw one of the strongest increases from 2024, rising from 18% to 29%.

Örebro also stands out in the 2025 data. The county combines relatively high climate-risk perception with stronger appetite for sustainable investing: 26% of respondents say they are willing to pay higher fees for sustainable investments, while 80% say the Earth’s average temperature is likely to rise by more than one degree Celsius in the next 20 years.

Northern Sweden Shows a Different Climate Narrative

The updated SUSY Monitor also reveals regional contrasts in climate beliefs. Gävleborg and Norrbotten report the lowest shares of respondents who say global warming is mainly caused by human activity, at 66% and 68%, respectively. By contrast, Stockholm, Östergötland and Västerbotten rank among the highest on this measure.

Norrbotten stands out in another way: it is the county most likely to say that climate change creates both winners and losers. Use the chart below to select a county and survey question, then compare the results.