Germany to allocate EUR 212bn for energy, climate goals until 2027

The German government plans investments of EUR 211.8 billion (USD 232.3bn) for the period between 2024 and 2027 through its Climate and Transformation fund, which is a tool for achieving the country’s energy and climate policy goals.

In 2024 alone, the government envisages expenditures of EUR 57.6 billion via the fund, the economy ministry said on Wednesday. These include EUR 12.6 billion for projects under the Renewable Energy Sources Act (EEG) as well as EUR 18.8 billion to support energy efficiency for buildings. About EUR 3.7 billion is earmarked for the ramp-up of the hydrogen economy, including for the H2 Global initiative, and industry decarbonisation.

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In 2024, Germany will also allocate EUR 1.6 billion for the promotion of electromobility and around EUR 2.6 billion for electricity price compensation to relieve companies of the costs of EU emissions trading.

The economic plan, approved by the government, will be now submitted to the German parliament.

(EUR 1 = USD 1.097)