Germany to provide industry with €50 billion for decarbonization purposes

Germany is launching a program to help industry in conditions of significant costs for energy resources, which provides for the financing of projects of transition to carbon-neutral production technologies. The total fund of the project will amount to about €50 billion, reports Reuters.

The implementation of the program is planned for the next 15 years. The funds will come from the climate and transformation fund, which is in turn replenished by emissions trading revenues and other sources.

The corresponding project is created in contrast to programs in other regions of the world, in particular in the USA, which can encourage EU companies to relocate by offering good conditions, subsidies and more favorable legislation.

«We are in a period of prolonged recession, in an extremely difficult economic period. At a time when other parts of the world offered investment incentives to industry, Germany increased the requirements,» said the Minister of Economy of Germany Robert Habeck.

Companies have two months to express interest in the program, which aims to meet Germany’s carbon neutrality goals.

As GMK Center reported earlier, recently the government of Germany announced plans to allocate about €2 billion to the domestic steel company Thyssenkrupp for the construction of a plant for the production of environmentally friendly steel in Duisburg.

German Economy Minister Robert Habeck has already visited Essen and Duisburg to hold talks with Thyssenkrupp management and union representatives.