For several decades, modal shift within the freight transport sector has been promoted by policy makers as an important basis for achieving lower transport emission targets. Even though the literature on mode choice is well established, there is less consensus about the volume of freight with the potential to shift and, more importantly, the actual contribution of freight modal shift to achieving less climate and air pollution impacts. The climate contribution of freight modal shift can be increasingly questioned, as decarbonization is taking place at increasing rates within road freight transport. In this paper, the role of modal shift policies in realizing climate objectives is scrutinized by focusing on the case of Sweden, which serves to illustrate some general insights. We highlight how modal shift is often analyzed and discussed in isolation, even though it forms an important part of a policy mix in which it may contribute to achieving climate objectives. Treating modal shift as an objective in its own right may render less effective and cost-efficient policy instruments.