The announcement came during Wednesday evening, in the third and final phase.
The International Olympic Committee (IOC) instead chose to proceed with France as a candidate.
The IOC has also decided to go ahead with Salt Lake City in the USA for the 2034 Winter Games.
– I am incredibly disappointed. We had a strong concept to organize the most sustainable games of all time, but now we don’t get the chance to show that vision to the world, says Swedish Olympic Committee chairman Hans von Uthmann.
The message from the IOC is that the Swedish bid should have had financial guarantees in place at an earlier stage, writes SOK.
– We had a vision of being able to organize the Olympics and Paralympics in a completely new way, unfortunately the IOC’s new process was not ripe for a candidacy that wanted to be sustainable, cost-effective and democratic, says IOC chairman Hans von Uthmann.
The text is updated.