EconomyMedia: Germany wants to divert the money allocated for...

Media: Germany wants to divert the money allocated for the abandonment of coal to defense

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German flag over the Bundestag building in Berlin. archive photo

Bloomberg: Germany wants to divert funds earmarked for coal abandonment to defense

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MOSCOW, February 3 – RIA Novosti. The agency said it is exploring the possibility of diverting funds allocated for Germany’s coal exit projects to defense financing. Bloomberg.

“Germany is considering redirecting existing subsidies aimed at shutting down coal-fired power plants to help defense manufacturers build new production facilities,” the agency said, citing sources familiar with the matter.

According to the agency, the German armed forces have had problems with outdated and partially broken equipment for several years. Since the special military operation Russia launched in Ukraine last year, the German government has allocated $109 billion to defense to expand and modernize its armed forces.

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“Negotiations between the German federal government and regional authorities are aimed at providing more weapons and equipment to the country’s armed forces, as well as creating jobs in areas affected by coal abandonment,” the agency’s publication states.

Last year, German authorities passed a law allowing the return of coal-fired power plants that have been shelved for climate protection reasons, as part of tackling the energy crisis and as part of plans to phase out Russian gas. Prior to that, the government of German Chancellor Angela Merkel, based on the work of the state commission, decided that coal power should be abandoned before 2038, possibly as early as 2035. The reason for this decision was the need to meet the goals of the Paris climate agreement – to prevent climate warming by more than 1.5 degrees Celsius by the end of the century.

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Source: Ria

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Emma
Emma
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.

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