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.
Florida deputies mock rowdy spring breakers with NCAA-style scoreboard as arrests surge
Suspect accused of killing NYPD’s Jonathan Diller ‘looks like he’s smiling’ in bodycam video: testimony
Iran’s New Supreme Leader ‘Misfunctioning’: Report
WATCH: Sen. Mullin Tears up During Confirmation Hearing While Sharing What Trump Told His Son About Love After He Experienced a Traumatic Brain Injury
Trump threatens key Iranian gas field after Israeli strike
EXCLUSIVE: House Republicans to hold hearing on DHS shutdown risks amid travel surge
Chinese surrogacy boom in America raises novel birthright citizenship questions
Talarico claims to oppose big businesses’ influence while benefiting from it
‘Tell me to my face’: Top moments in Mullin’s heated confirmation hearing to be Trump’s next DHS chief
Israel’s relentless Iran regime change campaign complicates US hopes of negotiating
NYPD officer assigned to Mayor Mamdani’s security suspended after off-duty shooting
Trump continues to push for release of Tina Peters as Colorado governor weighs clemency
Colorado school staffer accused of sexually abusing 13-year-old student, now on the run
State Department to ask for bonds of up to $15,000 for visa applications from a dozen more countries
Former counterterrorism chief Joe Kent under FBI investigation for alleged classified leaks“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.
