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.
Texas race to replace deceased Democrat advances to runoff
Winsome Earle-Sears concedes Virginia governor race, says she’s ‘not going anywhere’
California’s Proposition 50 passes, delivering major political win for Newsom
James Solomon advances to run-off mayoral race in New Jersey’s second-largest city
Trump nominates Jared Isaacman as NASA chief months after withdrawal
Jones narrowly defeats Miyares in Virginia attorney general race despite violent text messages
Democrats keep Pennsylvania Supreme Court control after 3 justices win retention races
Dramatic video shows ‘catastrophic’ UPS plane disaster that left at least 3 dead, 11 injured
Breaking: Muslim Socialist Zohran Mamdani Elected Mayor of New York City
Federal charges filed against California man who allegedly drove U-Haul toward Coast Guard officers
Virginians Elect Jay Jones for AG After He Fantasized About Murdering Republicans and Their Children
Republican Jack Ciattarelli Loses New Jersey Governor’s Race
Democrat Abigail Spanberger Defeats Winsome Earle-Sears in Virginia Governor’s Race
Iran hackers taunted ‘Mr. Mustache’ John Bolton about stolen files that were allegedly classified
Watch: Karoline Leavitt Hits Back at Mamdani After He Pins Election Day Bomb Threats on Trump“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.
