Germany’s lower house of parliament passed a bill on the country’s exit from coal as a power source to meet climate targets. To cushion the impact of the transformation from coal to renewables, the bill involves over $56 billion for mining and power plant operators, affected regions and employees.
Germany will abandon nuclear energy by 2022 and coal by 2038 at the latest, and will simultaneously aim for 55 percent cuts in greenhouses gas emissions by 2030 over 1990 levels. Utility groups, labour unions and energy consumers welcomed the agreement as it allows them time and money to cope with the transition.
However, green groups said the time schedule was too slow and the deal too costly for taxpayers. In the first half of 2020, renewables accounted for over 50 percent of German power production.
