Sweden says it aims to completely wean itself off oil within 15 years - without building new nuclear plants.
Sweden has a head start on many countries in its use of renewables
The attempt is being planned by a committee of industrialists, academics, car manufacturers, farmers and others.
The country aims to replace all fossil fuels with renewables before climate change damages economies and growing oil scarcity leads to price rises.
According to the Guardian newspaper, a Swedish minister said oil dependency could be broken by 2020.
The Royal Swedish Academy of Sciences is worried that oil supplies are peaking, shortly to dwindle, and that high oil prices could cause global economic recession.
"Our dependency on oil should be broken by 2020," said Mona Sahlin, Sweden's minister of sustainable development.
"There shall always be better alternatives to oil, which means no house should need oil for heating, and no driver should need to turn solely to gasoline."
The Scandinavian country, which was hard hit by oil price rises in the 1970s, now gets the majority of its electricity from nuclear and hydroelectric power. In 2003, 26% of all energy consumed came from renewables, compared with an EU average of 6%.
The oil committee is to report to parliament in several months. Swedish energy ministry officials said they expected the panel to recommend further development of biofuels derived from its substantial forests.
It was also expected to expand other renewable energies such as wind and wave power.