German Government Puts Extra EUR 30 Billion into Climate and Transformation Fund
The funding influx will take the value of the fund to roughly EUR 212 billion from 2024 to 2027.
The KTF aims to accelerate Germany's transition to a carbon-neutral economy. It funds initiatives in everything from climate protection measures and scaling up the hydrogen industry to investment in semiconductor production and expansion of rail infrastructure. The top-up now goes to the German parliament, the Bundestag, for ratification.
Other areas earmarked for support are building modernization, expanding electromobility and decarbonizing heavy industry in Germany. The enlargement of the fund will be financed from the European Union Emissions Trading System and the existing economic stability fund created to mitigate the effects of the coronavirus pandemic.
“With the KTF economic plan, we are encouraging innovations in Germany as a business location,” said German Finance Minister Christian Lindner in a statement. “We’re creating the foundations so that future opportunities can arise from decarbonization and digitalization. The transformation will be open to various technologies.”
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