Germany's government run, national infrastructure bank KfW Bankengruppe has just announced that it will increase its investment in renewable energy and energy efficiency projects to €100 billion over the next five years.
It already expects to report an environment quota of 36 percent in 2012, up from 32 percent last years; but this figure will increase by a lot more as the new capital is invested in projects.
Dr. Ulrich Schröder, the chief executive of KfW, has said that the increase in investment is only the first part of a five year plan which will see the bank at the centre of Germany's transition away from nuclear power to other sources of renewable energy, as it looks to slash its greenhouse gas emissions.
"In implementing the project of the century, the energy turnaround, KfW has taken responsibility as a promotional bank. In the next five years we intend to extend loans totalling €100bn for renewable energies and energy efficiency."
News of Germany's national infrastructure bank coincide with proposals by the UK Labour Party to create a New Investment Bank which will have the sole responsibility of financing government-backed infrastructure projects.
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com More
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Missed the class about the law of conservation of energy i guess.