BERLIN (Reuters) – The German cabinet on Wednesday agreed to earmark 57.6 billion euros ($1.10 billion) for green investments next year, up 60.2% from a 2023 target, the Finance Ministry said, as Berlin ramps up subsidies to help the country become net zero by 2045.
The lion’s share of next year’s Climate and Transformation Fund will go towards supporting Germany’s building sector, with 18.9 billion euros for subsidies in renovations and new construction in 2024, the ministry said in a statement.
Renewable energy subsidies will be around 12.6 billion euros, while 4.7 billion euros will go towards expanding the country’s e-mobility charging infrastructure.
Total investments in the Climate and Transformation Fund, a supplementary budget to push ahead the economy’s green transition, would amount to 212 billion euros between 2024 and 2027, the ministry added.
($1 = 0.9111 euros)
(Reporting by Holger Hansen and Riham Alkousaa, Editing by Rachel More)
