FILE - German Vice Chancellor Robert Habeck speaks during a press conference in Shanghai, China, Saturday June 22, 2024. BERLIN — The German government on Friday announced plans to provide about 3.3 billion euros in funding for projects to make industry more climate-friendly, including by storing carbon dioxide underground at offshore sites.
Germany, which has Europe’s biggest economy and is home to many energy-intensive industries, aims to cut its emissions toThe Economy Ministry plans to launch the program, which also covers projects to shift to more climate-friendly production, next month. Companies will then have three months to submit projects for possible support. The program is slated to run until 2030, with annual bidding.to combat climate change.
The Economy Ministry — led by Vice Chancellor Robert Habeck, a member of the environmentalist Green party — said funding for carbon storage plans will be limited to cases of CO2 emissions that are “hard to avoid,” with investments in the cement, glass and ceramic industries among those that could be eligible for backing.