• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 33 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 23 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 12 days Does Toyota Know Something That We Don’t?
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 24 hours How Far Have We Really Gotten With Alternative Energy
  • 1 hour Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Germany Plans $63 Billion In Green Energy Investments For 2024

Germany’s government approved on Wednesday investments in green energy worth $63 billion (57.6 billion euros) for 2024, a 60% increase compared to this year’s targeted spending.

For the period 2024 through 2027, the cabinet agreed to boost the investments in the so-called Climate and Transformation Fund to $233 billion (212 billion euros), an increase of around $33 billion (30 billion euros).

The special fund, not part of the regular German budget, was created to help the energy transition and green investments in Europe’s biggest economy on its road to net zero. Industry decarbonization, the implementation of a hydrogen strategy, funding for buildings efficiency, and energy efficiency are being financed by the fund.

Earlier this year, reports emerged that the Climate and Transformation Fund, known as KTF in Germany, was some $13.1 billion (12 billion euros) short on resources from funds to be allocated by 2026. The deficit suggests that a faster transition away from fossil fuels would cost much more than the German government thought in the summer of 2022 when the fund was created. 

In April, the German government also voted on a bill to ban most oil and gas heating boilers in new and oil buildings from 2024 as part of a plan to reduce emissions. 

The ruling coalition in Germany has decided that nearly all new heating systems should run on 65% renewable energy, with exemptions for homeowners aged over 80 and for households with the lowest incomes. 

Industry associations and the German public disagree with the planned ban. 

A Forsa survey commissioned by RTL and ntv showed in April that 78% of Germans do not approve of the bill, and only 18% think the decision to ban oil and gas heating systems is the right one. 

ADVERTISEMENT

In addition, the ruling coalition in Germany is still split on how much the domestic carbon price should rise amid stubborn inflation that could be further fueled by higher energy prices.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News