Companies in energy-intensive sectors like glass, steel and paper-making can submit proposals for green technology projects that will slash their emissions. Photo: Ina FASSBENDER / AFP/FileGermany on Tuesday launched what it called"an innovative" multi-billion-euro subsidy scheme aimed at turbocharging investments that will make industrial production in Europe's top
Energy Minister Robert Habeck said four billion euros would be up for grabs in the first round of the programme, with companies in energy-intensive sectors like glass, steel and paper-making invited to submit proposals for green technology projects that will slash their emissions. "We are the first industrial country to introduce this," Habeck told a press conference, calling the scheme"an innovate, new instrument" that would cut red tape, boost technological innovation and help Germany reach its climate targets.The government has set aside a"mid-double-digit" billion euro amount for the programme overall, Habeck said. The next round of bidding will open in the autumn for 19 billion euros in subsidies.
The scheme comes as Germany's crucial manufacturing industry is suffering through a downturn, battered by inflation, weaker global demand and soaring energy costs after Russia's war inThe scheme is expected to help reduce carbon emissions from industry by 350 million tonnes by 2045, according to the economy ministry.