Category: National Finance Policy
Published/Created by: Federal Minsitry of Finance, Germany
Germany adopted major new climate legislation in June 2021 that sets higher national emissions reduction targets for 2030 (at least 65%) and 2040 (at least 88%), with the goal of achieving net greenhouse gas neutrality by 2045. In addition, a new €8bn “immediate climate action programme” for 2022 will finance further measures to achieve the new climate targets. Over the last two years, more than €80bn have already been earmarked for climate action investment under the Climate Action Programme and the economic stimulus package. Totalling approximately €8bn, the present immediate action programme will finance additional measures to further reduce greenhouse gas emissions. Based on the same rationale that underlies the Climate Action Programme 2030, initial financial support for the transition to climate-friendly technologies will gradually be replaced by incentives and rules.