<p>Climate policies are challenged around the world, a development coinciding with the backlash of globalisation. The emergence of the modern welfare state, however, indicates that similar tensions may give rise to transformative change, if coinciding interests for change develop. This article explores the case of Sweden, critical due to its longstanding role as an environmental frontrunner, now experiencing climate policy rollback. Based on 31 in-depth interviews, we analyse perceptions on a just transformation among business, trade union and civil society actors. The analysis reveals new and coinciding interests, driven by desire to restore climate leadership, and includes financial reform, more active state interventions and new policy tools to ensure public legitimacy. Views diverge on the depth of a just transformation, and power relations are different compared to the emergence of the welfare state. Nevertheless, a green Swedish model can be discerned, forging enhanced climate mitigation and renewed welfare state arrangements.</p>