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Germany Boosts Climate Fund with 170 Billion Euros

Fund Aimed at Accelerating Energy Transition and Climate Protection

Berlin, August 9, 2023

The German government has approved a significant 170 billion euro allocation for its Climate and Transformation Fund (KTF), marking a major step towards accelerating the country's energy transition and climate protection efforts.

The KTF aims to provide substantial funding for renewable energy investments, energy efficiency measures, and climate mitigation projects. The fund will also support research and development in climate-friendly technologies.

“This is a key milestone in our commitment to a sustainable future,” said Chancellor Olaf Scholz. “The Climate and Transformation Fund will provide essential resources to drive innovation, reduce emissions, and ensure a just transition for our citizens.”

The government's ambitious climate goals include achieving carbon neutrality by 2045 and significantly increasing the share of renewable energy sources in the energy mix.

The KTF is expected to play a crucial role in achieving these targets and supporting Germany's transition towards a climate-resilient and sustainable economy.