Germany to set aside 4 billion euros in subsidies for industrial decarbonization
Germany to set aside 4 billion euros in subsidies for industrial decarbonization
The German government will set aside about 4 billion euros ($4.31 billion) in subsidies to support energy-intensive companies in their shift to green production, a government source told Reuters on February 16th.
As part of Germany's goal of achieving climate neutrality by 2045, Berlin plans to offer 15-year subsidies to companies in industries such as steel, glass, paper and chemicals to reduce carbon emissions during production, the German Economy Ministry said in a statement.
The European Commission has already approved the subsidy instrument, the ministry said, adding that it will soon launch a first round of calls for financing.
Companies receiving assistance will be selected through a bidding process, and the company that can reduce the most emissions at the least cost will win.
The first funding call for the first tender will take place this spring, providing a total of 4 billion euros, the source said, adding that a second round will take place later this year.