New Energy
Germany Approves $180 Billion Funding to Accelerate Energy Shift
- Coalition spurred into action by Russia’s invasion of Ukraine
- Major push next year to make buildings more energy efficient
Wind turbines in Brandenburg, Germany.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Germany approved plans for the government’s special “climate and transformation fund” to invest 177.5 billion euros ($180 billion) over the next four years to help accelerate the shift to an economy that’s cleaner and less dependent on Russia for energy supplies.
Spending of 35.4 billion euros is earmarked for next year, with about two-thirds of the cash, or almost 17 billion euros, to be used to make older buildings more energy efficient, the economy ministry said Wednesday in an emailed statement. The money will flow from revenues from carbon pricing and the fund’s own reserves and will not impact the federal budget.