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
-
Heidelberg's $1.36B Edmonton Plant Is on Hold. Here's Why.
Inside This Issue 🚧 Carbon Price Gap Stalls Heidelberg Materials' $1.36B Edmonton Cement Carbon Capture Project ⛽ Shanghai Electric Contributes to World-Record Biomethanol Bunkering Operation ⚖️ I...
-
Mombak Delivered 21,000 Google Carbon Tonnes Two Years Early
Inside This Issue 🌱 Mombak Beat Google's 2028 Carbon Deadline by Two Years 🛫 China's First SAF Compliance Service for Foreign-Registered Business Jets Successfully Implemented ✈️ UMeWorld Advances...
-
IRS Just Gave Carbon Capture Projects a Longer Runway
Inside This News ⚡ IRS Expands and Extends 45Q Safe Harbor, Offering Long-Term Certainty to Carbon Capture Projects 🌊 South Korea Signs MoU for 320MW Green Hydrogen Complex 🌱 Senken and Carbonsate...
Company Announcements
-
Research to be presented at COM 2026 highlights Novacium’s proprietary HyDRAS™ process, which combines black dross and bauxite residue to produce hydrogen while recovering value from aluminum indu...
-
Shanghai Electric Contributes to World-Record Biomethanol Bunkering Operation
SHANGHAI, Aug. 20, 2026 /PRNewswire/ -- On August 17, Shanghai Electric partnered with Shanghai International Port Group and CMA CGM Group to conduct a biomethanol bunkering operation with a total ...
-
MISSISSAUGA, Ontario, Aug. 18, 2026 /PRNewswire/ -- Next Hydrogen Solutions Inc. is pleased to announce that it has completed a Basic Design Engineering Package (BDEP) for a planned 10 MW fueling s...
-
Syzygy Plasmonics and IFC Partner to Advance Sustainable Aviation Fuel Projects Across Latin America
Framework agreement supports the development of Syzygy's SAF project pipeline in Latin America, beginning with its first planned commercial-scale facility in Uruguay. Syzygy Plasmonics, a leader i...