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
-
Inside the $1B SAF Push No One’s Ready For
Inside This Issue ✈️ SAF Isn’t a Buzzword Anymore - It’s 2025’s Breakout Fuel 🏅 Global Energy Prize Awarded to Three Scientists From China, USA and Russia ⚡ ACES Delta I Hydrogen Production and St...
-
Inside Exxon's Gas Strike, EPA Smackdown, and Carbon Curveball
Inside This Issue 🛢️ Exxon's Gas Strike, EPA Smackdown, and Carbon Curveball 🏭 MHI Awarded Contract for Basic Design of Japan's Largest CO₂ Capture Plant at Hokkaido Electric Power's Tomato-Atsuma...
-
North America’s Next Carbon Capture Frontier Might Surprise You
Inside This Issue 🌊 The Quiet Rise of Offshore CO2 Storage: North America's Emerging Frontier for Carbon Capture 🍁 Canada Invests in Carbon Capture and Storage in Alberta 🛰️ Vortex Energy Finalize...
Company Announcements
-
Spiritus Technologies PBC Plans Santa Fe, New Mexico, Operations
Spiritus Technologies PBC, a company engaged in sustainable carbon removal, plans to establish operations in Sante Fe, New Mexico. The project is expected to create 40 jobs. The company will lease...
-
ACES Delta I Hydrogen Production and Storage
World’s largest green hydrogen storage facility being developed in Utah with funding from the U.S. Department of Energy (DOE) Loan Programs Office will help scale low-carbon energy for western stat...
-
Partnership Signals Breakthrough Collaboration in Carbon Removal and Sustainable Fuel Development for $1 Billion Clean Fuels Facility Monroe Sequestration Partners (MSP), a premier carbon storage ...
-
National Carbon Capture Center Launches Novel UNOGAS MK3 Solvent Testing
A significant step forward in carbon capture is underway at the National Carbon Capture Center, where KC8 Capture Technologies' (KC8) advanced UNOGAS system – featuring the innovative UNO MK3 solve...