Germany to help its industry transition with billion-euro boost

Germany plans to give its industry a double-digit billion-euro boost to help it transition to cleaner production, the economy ministry announced on Thursday.

Companies can be eligible for subsidies under the “carbon contracts for difference” mechanism, which aims to switch the energy source used in energy-intensive industries from fossil sources to renewables and hydrogen. This mechanism also allows for the measurement of carbon emissions during production.

According to the economy ministry, the subsidies will help big, energy-intensive businesses as well as small and medium-sized businesses.

According to the statement, a tiered model is being developed to provide industry with low-cost electricity generated from renewable energy sources.

The ministry plans to launch a billion-euro programme to assist private consumers in making the transition to renewable energy sources.

Source: Energy Ghana