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.
Judge Keeps Major Biden Admin Gun Rule On Ice
Fauci refuses Senate appearance after invoking Fifth Amendment more than 100 times in COVID probe
America Found A Rare Metal It Desperately Needs. Red Tape Could Keep It In The Ground For Ages
Trump backs Republican challenger to oust Letitia James amid ongoing mortgage fraud feud
Watch: It’s Been Banned a Million Times, But Now the Video That Exposed How ‘Queerness’ and Pedophilia Go Hand-in-Hand Is Online for Good
Bernie-backed California House candidate called DEI a ‘social justice-driven duty,’ embraced activist role
Advocate reveals freed Marine vet’s physical, mental torment in Russian prison as 5 Americans remain held
Report: Hollywood Stars Rethinking Getting Involved in Politics, Expert Says Voters ‘Tired of Celebrities Telling Them How to Think’
Court filings reveal Kyrsten Sinema had sex multiple times with married bodyguard while serving as senator
Justice Thomas reveals this elite institution is ‘off limits’ to him: ‘That’s the world we’re in’
‘Spider-Man: Brand New Day’ is a slog for the uninitiated
Military Identifies 2 Soldiers Killed in Texas Helicopter Crash Earlier This Week
Shooting Rocks University Campus as School Prepares for Classes to Resume
Companies Back Down After Red State AG’s Debanking Probe
He’s Baaaack: Platner Returns to Political Spotlight as His Replacement Deals with a Domestic Violence Allegation of His Own“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.
