Germany's vice chancellor on Tuesday launched a program initially worth up to 4 billion euros ($4.4 billion) to help heavy industry shift to more climate-friendly production over a 15-year period. Germany, which is home to many energy-intensive industries as Europe's biggest economy, aims to cut its greenhouse gas emissions to net zero by 2045. The government, which says industry accounts for about one-fifth of the country's emissions, says Germany is the first in the European Union to launch the so-called “carbon contracts for difference.”
Germany Launches Bidding for Carbon Contracts to Support Climate-Friendly Industrial Production usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
German Chancellor Olaf Scholz seems optimistic that his governing coalition — comprising his centre-left Social Democrats, the Greens and neoliberal Free Democrats — will push ahead with the country s energy transition.
Germany wants to quadruple the amount of power generated through offshore wind farms by 2030. But industry figures have cast doubt on this goal, partly due to inadequate seaport infrastructure.
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