Germany Plans $3.7 Billion Program to Help Decarbonize Industry, Including Carbon Storage
Published by Todd Bush on August 26, 2024
BERLIN (AP) — The German government on Friday announced plans to provide about 3.3 billion euros ($3.7 billion) in funding for projects to make industry more climate-friendly, including by storing carbon dioxide underground at offshore sites.
>> In Other News: Pioneering Hydrogen Fuel: HydrogenXT and Carbonix's Avenal NeXTstop Project
Germany, which has Europe’s biggest economy and is home to many energy-intensive industries, aims to cut its emissions to “net zero” by 2045. The new program is aimed largely at medium-sized companies.
The Economy Ministry plans to launch the program, which also covers projects to shift to more climate-friendly production, next month. Companies will then have three months to submit projects for possible support. The program is slated to run until 2030, with annual bidding.
The government announced in February that it plans to enable so-called carbon capture and storage, pushing ahead with a much-discussed technology in an acknowledgement that time is running out to combat climate change. Opponents maintain that CCS is unproven at scale and has been less effective than alternatives such as solar and wind at decarbonizing the energy sector.
The Economy Ministry — led by Vice Chancellor Robert Habeck, a member of the environmentalist Green party — said funding for carbon storage plans will be limited to cases of CO2 emissions that are “hard to avoid,” with investments in the cement, glass and ceramic industries among those that could be eligible for backing.
The government already launched a program of “ carbon contracts for difference,” meant to help the shift to more climate-friendly production methods.
Subscribe to the newsletter
Daily decarbonization data and news delivered to your inbox
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Latest issues
-
The $13.6B Oilfield Deal That's Actually About Clean Energy
Inside This Issue 💼 The $13.6B Oilfield Deal That's Actually About Clean Energy 💸 Waga Energy Signs a $180M Debt Financing to Accelerate Its Expansion in the US 🌫️ Deep Sky Launches Operations of ...
-
Why Texas, Arizona & West Virginia Are Making History
Inside This Issue 🗺️ Three States Just Took Control of CCS Permitting. Here's What It Means. ⛏️ QIMC's U.S. SPV, Orvian, Awarded Two RGRAs From the State of Minnesota to Advance Next-Generation Na...
-
Why Two Korean Giants Just Bet Big on US Wood Waste
Inside This Issue 🌲 Why Two Korean Giants Just Bet Big on US Wood Waste 🧪 Primary Hydrogen Identifies 8-kilometre Hydrogen Anomaly at Crooked Amphibolite Project in British Columbia 🚇 Carbon Captu...
Company Announcements
-
Waga Energy Signs a $180M Debt Financing to Accelerate Its Expansion in the US
Waga Energy Inc has signed a US$180M 4-year senior debt facility1 to boost its landfill gas (LFG) to renewable natural gas (RNG) platform in the United States, with Crédit Agricole Corporate and In...
-
SASKATOON, Saskatchewan, Nov. 27, 2025 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) ("MAX Power" or the "Company") is accelerating Canada’s first-ever Natural ...
-
Deep Sky Launches Operations of Airbus Direct Air Capture Technology at Canadian Facility
MONTRÉAL, Nov. 27, 2025 /CNW/ - Deep Sky, the Canadian carbon removal project developer, is deploying Direct Air Capture (DAC) technology developed by Airbus, Europe's largest aerospace company, at...
-
Sirona Technologies and IMC Announce Purchase of Permanent Carbon Removal Credits
Sirona Technologies and IMC Announce Purchase of Permanent Carbon Removal Credits Global quantitative trading firm IMC has purchased permanent carbon removal credits from Sirona Technologies’ DAC ...