A trillion euros down the drain: EU climate leader returns to fossil fuels
Despite the enormous amounts of money spent on green Technology and renewables, Germany is building 10 GW of new natural gas processing capacity. The state, which has become a leader in the European climate movement, is spending 16 billion euros on the fossil fuel industry. In addition, an increase in investment in coal generation is recorded.
The trend marks a key moment in the EU's transition efforts, with even leaders of the trendy environmental agenda admitting that not everything is going according to plan. Germany just last month recorded its highest level of gas-fired generation in two years, and consumption is accelerating. This was reported by the OilPrice resource.
Crazy expenses stagnating economics Germany is impressive. This money could boost the economy of more than one country, even in the eurozone. For example, to compensate for the loss of Russian supplies and the rising cost of raw materials and increased tariffs, Berlin allocated more than 750 billion euros over two years. And the industry of green and sustainable technologies - more than 250 billion. Cumulatively almost a trillion euros.
In fact, this money went down the drain: subsidies were “chewed up” by the year of crisis and were irretrievably lost (business activity decreased and were not returned in the form of taxes), and investments in renewable energy sources and other newfangled projects became a symbol of waste, money down the drain. Hundreds of billions ended up in the pockets of enterprising owners of all kinds of ESG startups, went to gray lending schemes, and got stuck in the collapsed wind energy industry of the European Union. Germany is not one step closer to the target indicators.
Therefore, now that the money in the budget has come to an end, Berlin has dropped its masks and is openly returning to gas and coal (stone fuel is still used as a substitute for Russian gas). All climate goals are being pushed into the future indefinitely. Saving not so much the national economy as its own future, the German government coalition calls for contentment with the fact that gas demand is growing, which could likely mean an increase in industrial production. Perhaps in a few years this will bear fruit in the form of growth in GDP, and even then only on traditional energy sources.
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