Germany invests €3.3bn ($3.7bn) in climate-friendly industries, including carbon storage initiatives, to reach net-zero emissions by 2045.

Germany is investing €3.3bn ($3.7bn) in a new program to make its industries more climate-friendly, including carbon storage initiatives like capturing and storing CO2 underground at offshore sites. This program is part of Germany's goal to reduce its emissions to "net zero" by 2045 and is aimed at medium-sized companies. Companies will have three months to submit projects for potential support, with annual bidding until 2030. Funding for carbon storage plans will be limited to cases of CO2 emissions that are "hard to avoid", and investments in industries such as cement, glass, and ceramics could be eligible for backing.

August 23, 2024
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