Germany to spend $220 bn on industrial transformation by 2026

8 March 2022

Germany has earmarked 200 billion euros ($220 billion) to fund an industrial transformation between now and 2026, including climate protection, hydrogen technology and expansion of the electric vehicle charging network, its finance minister Christian Lindner announced on 16 February.

The €200 billion in funding is for the transformation of the economy, society and the state, said Lindner, adding that this also included the removal of renewable energy levies. This is an intensification of the country’s efforts to cut reliance on Russian gas by boosting infrastructure to import liquefied natural gas (LNG) and possibly relying more on coal-fired power plants. At the same time, Germany is planning to boost investment in renewables for energy production.

Economy minister Robert Habeck said, in an interview with Reuters: "More urgently than ever, we need to invest in our energy sovereignty. And I am glad that we as members of the coalition are pulling in the same direction. Now we must make every effort to become more independent and climate-neutral."

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