Germany Plans $3.5 Billion Support for Energy Fund
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Germany plans to use 2.59 billion euros ($3.5 billion) in federal money to save an energy and climate fund suffering from low prices for carbon in Europe.
Chancellor Angela Merkel’s government seeks to divert the cash from the budget to the EKF fund from next year through 2017, it wrote in a bill. The EKF, designed to be financed with proceeds from carbon-permit sales, has failed to reap sufficient income after prices for the allowances dropped to about 4 euros a metric ton this year, the government said.