In a move that’s sure to restore a smidgen of Greta Thunberg’s childhood, German Chancellor Angela Merkel has finally hammered out a deal for Germany’s stalled exit from coal-fired power generation, after state leaders agreed to shut down the industry by 2038.
We would note that this falls outside the 12-year window of doom predicted by US climate expert Alexandria Ocasio-Cortez, but better late than never when environmental apocalypse is on the line.
Germany’s plan includes 40 billion euros ($44.6 billion) in compensation for impacted regions, according to Bloomberg. The country’s largest coal-fired power producer, RWE AG, will receive 2.6 billion euros according to an insider – sending the stock up 1.7% in mid-morning trade on Thursday. In eastern Germany, utility Lignite operators will receive 1.75 billion euros according to German Finance Minister Olaf Scholz.
Merkel has been in a tight spot on the issue, facing pressure from environmentalists and miners alike. Climate tops voter concerns, and Germany will already miss its 2020 targets under the Paris Agreement. On the other hand, the poorer states in the former Communist East, where the bulk of the mines are, fear a growing gap to the West. Her predicament feeds into a broader political challenge, with the Greens party and the far-right Alternative for Germany gaining support on both sides of the political spectrum to squeeze Germany’s traditional mainstream parties, including her Christian Democrats. The AfD has been particularly strong in the eastern mining states.
US and Israel launch ‘preemptive’ attack against Iran
BREAKING REPORT: Israel Strikes Iran, US Involved
Richard Cox derails sex offender case, once again
North Carolina woman arrested nearly 50 years after baby found dead in trash bag at landfill
Biden accuses Trump of erasing history and squandering US leadership role on global stage: ‘Dark days’
ICE blasts Washington mayor over directive restricting immigration enforcement
Trump floats Ted Cruz for Supreme Court, jokes he’d get ‘100%’ bipartisan vote to ‘get him out of there’
Dem Washington House majority leader apologizes for being ‘impaired’ during budget hearing
Man accused of spraying anti-ICE graffiti at Oklahoma Capitol is registered child sex offender; charges filed
Hegseth bans military from attending Princeton, Columbia, other elite universities: ‘Wokeness and weakness’
Trump picks up Whataburger for Air Force One and jokes about being poisoned after Texas speech
Luigi Mangione escapes federal death penalty after federal prosecutors decline to appeal judge’s ruling
Trump introduces Cornyn, Paxton but stays mum on endorsement in heated GOP primary
Illegal immigrant arrested after showing up to Florida Border Patrol office for contract IT work
Trump says he plans to order federal ban on Anthropic AI after company refuses Pentagon demands“It was a long night — it lasted until 2 a.m. — but we were able to achieve a sensible agreement,” Armin Laschet, premier of the state of North-Rhine Westphalia, said in an interview with Deutschlandfunk radio. “The time frame that we’ve agreed on is ambitious, but realistic.” –Bloomberg (via Yahoo!)
According to Laschet, approximately 3,000 jobs will be lost to the closures, which will occur more quickly in west German states.
The biggest resistance to the plan comes from states in the former communist east, which heavily relies on coal and has a lower income per capita than in the west.
Under Thursday’s agreement, LEAG’s Jaenschwalde power plant will convert into a gas-fired unit to use some of that sweet, sweet, Russian gas thanks to Nordstream 2. The government will also pay to retrain workers affected by plant closures – possibly in coding.
Story cited here.
