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.
Vance touts Trump economy gains during North Carolina tour, cites rising home purchases
Breaking: Jasmine Crockett Security Officer Shot, Killed by SWAT Team
PR exec demands Senate Dems apologize for spreading ‘falsehoods’ about him during heated Noem hearing
GOP lawmakers would strip citizenship from terrorists after attacks tied to naturalized citizens
Prominent DC NeverTrumper Admits to Collaborating with Epstein in Bid to Take Down Trump
Trump says US ‘obliterated’ targets in strike on key Iranian oil hub
Thousands of Marines, American Warship Head for the Middle East Amid Iran Conflict
FBI Arrests 10 Indians for Allegedly Staging Armed Robberies in Visa Fraud Scheme
New security images uncovered in Nancy Guthrie abduction case as FBI investigation continues
Virginia man charged with selling weapon used by Old Dominion university gunman
Boasberg blocks subpoenas against Fed Chair Jerome Powell
Hegseth announces Pentagon probe into deadly strike on Iranian school
Judge refuses to restrict public access to evidence in Charlie Kirk assassination case
Guilty verdict reached in first-ever antifa terrorism trial
Judge James Boasberg blocks DOJ subpoenas against Fed Chairman Jerome Powell“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.
