Germany commits €200bn to industrial transformation by 2026
Yusuf Latief
Posted on: 9 March 2022
The investment is intended to spur Germany’s industrial transformation, independence and resilience across climate protection, hydrogen technology and electric vehicle (EV) charging networks.
The investment is intended to spur Germany’s industrial independence and resilience across climate protection, hydrogen technology and electric vehicle (EV) charging networks.
The announcement was made by German Finance Minister Christian Lindner to ARD, a public broadcaster. "200 billion euros in funding for the transformation of the economy, society and the state," said Lindner, explain that this would further extend to a removal of renewable energy levies.
The announcement is the latest in German attempts to build their energy and infrastructure independence. In light of the Russian war in Ukraine, several projects have been launched and expedited, including a green gas terminal by TES and a green H2-Hub Haren project.
Additional efforts are being poured into importing liquefied natural gas (LNG) and investment plans are in the works to drive renewable energy production.
In comments to Reuters, economy minister Robert Habeck stated, "More urgently than ever, we need to invest in our energy sovereignty. And I am glad that we as members of the coalition are pulling in the same direction. Now we must make every effort to become more independent and climate-neutral."
This news comes in as countries across the EU hasten efforts to lessen their reliance on Russian gas and energy. The International Energy Agency itself has also released a 10-point plan on how they can reduce their reliance.
This article was originally written and published by Reuters.
