Germany earmarks almost $45 billion to ease hardships of coal phaseout

first_imgGermany earmarks almost $45 billion to ease hardships of coal phaseout FacebookTwitterLinkedInEmailPrint分享Xinhua:The German cabinet adopted plans on Wednesday to provide 40 billion euros (44.7 billion U.S. dollars) of financial support to federal states undergoing the structural changes needed for Germany to achieve its planned phase out of coal by 2038.According to the German government’s plans, detailed in a key issues paper, the government is aiming to develop the existing mining areas in East Germany as well as the Rhine region “into energy regions of the future”. Support would be provided to “particularly affected sites” of hard coal-fired power plants as well as the former lignite mining area of Helmstedt in Lower Saxony, according to the German government.“We are keeping our promise. The exit from coal must become an opportunity for the affected regions,” said German Minister of Economics and Energy Peter Altmaier, who presented the cornerstones.The German government “is ensuring clarity in the affected regions and creating long-term prospects with sustainable jobs for the local people,” Altmaier stated. “We are setting the course for the districts to develop into modern energy and economic regions. Now it is a matter of filling this concept with life together with the federal states, the municipalities and the local people,” the German economics minister emphasized.The German government will present a draft law implementing the energy policy recommendations of the coal commission in the second half of 2019. Around one third of Germany’s electricity is still generated from coal-fired power plants and at the end of January, a government commission agreed that Germany should phase out coal by 2038 at the latest.More: German gov’t to provide 40 bln euros to help finance structural change in coal regionslast_img read more

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