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.
Trump-endorsed candidate will face top GOP target in Nevada House district
Gaming-world veteran who ripped ‘woke’ culture scores Trump-backed battleground primary win
BREAKING: Karmelo Anthony Prison Sentence Announced, Roughly 4 Hours After Guilty Verdict Read
Trump administration to offer ‘premium’ expedited visa interviews for $750
Billionare Tom Steyer ends California governor campaign after falling short in Jungle Primary
Nick Reiner, Charged with Murdering His Parents, Demands Access to $1.5 Million Inheritance
GOP Finally Defeat Democrats, Pass Bill to Fund ICE, Border Patrol for Years to Come
The Left Has the Most Predictable Reaction to Knicks Losing NBA Finals Game in NYC: It’s Trump’s Fault!
Trump-backed Hilton advances to California governor general election
WATCH: As Fraud Accusations Swirl, Nick Shirley Confronts ‘126 Year-Old’ Who Voted in 51 Elections, According to California Sec. of State
Fetterman refuses to defend Platner, calls him ‘baggage’ as scandals mount
ALERT: Trump Launches Strikes After Iran Downed Apache, Fulfilling His Promise to Respond
Riots consume Belfast over attempted beheading by Sudanese immigrant
LISTEN: Brian Hooker’s own words appear to place him in the water the night missing wife vanished in Bahamas
Cornyn won’t campaign for Paxton in Texas Senate race against Talarico“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.
