The German government is putting €3.3 billion towards decarbonising industry.
The money will fund projects to make the most carbon intensive industries industry more climate-friendly, including burying carbon underground at offshore sites.
The new programme is mostly aimed at medium-sized companies.
Germany, home to Europe’s biggest economy and many energy-intensive industries, aims to cut its emissions to net zero by 2045.
________________________________________________________________________
Read Also: 20 Super Healthy Foods You Should Add to Your Diet
________________________________________________________________________
Carbon capture and storage continues to be controversial
The German government announced in February that it plans to allow carbon to be stored underground at offshore sites.
At the time Green Party member and Vice Chancellor Robert Habeck said the proposed “carbon management strategy” still needed to be turned into detailed legislation. Today’s announcements appear to be a solidifying of the strategy.
Opponents maintain that so-called carbon capture and storage (CCS) is unproven at scale and has been less effective than alternatives such as solar and wind at decarbonising the energy sector.
However a leaked document seen by Euronews in January stated that the EU supports carbon capture as indispensable to meet the EU’s goal of eliminating net greenhouse gas emissions.
The document suggested the Commission is considering pledging a range of policy and financial support for the controversial technique.
________________________________________________________________________
Read Also : Fast-melting Arctic ice poses many threats—not all what you’d expect
________________________________________________________________________
How will the new programme work?
Germany’s Economy Ministry plans to launch the programme, 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.
The government already launched a program of “carbon contracts for difference,” meant to help to shift to more climate-friendly production methods.