The new German government today adopted an additional budget of 60 billion euros for the climate fund, in order to enable additional investments in the transition to a green economy, officials said.
The additional budget was unanimously adopted by the Cabinet of Chancellor Olaf Scholz. The amount of 60 billion in this year’s budget will be directed to the future expenses of the Climate and Transformation Fund.
The decision was agreed last month by the ruling coalition partners – the Social Democratic Party, the Greens and the Free Democrats. The parties agreed that, in line with the powers during the pandemic, it would be possible to introduce a temporary suspension of borrowing restrictions. It is planned to invest the money in charging stations for electric vehicles, better insulation of buildings and digitalization of the economy.
In addition to the 60 billion euros, the government has decided to divert 18 billion euros in environmental tax revenues and carbon trading to next year ‘s climate and transformation fund.
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