STOCKHOLM (Reuters) –

Sweden and Finland could suffer “dire” economic consequences if they are forced to harvest less forest for wood products 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.

“The EU’s current framework for forest use … is a major problem and, if not revised, would lead to unreasonable and unjustified restrictions on Swedish forest

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