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.
Benghazi terror suspect extradited to face US charges
It’s AOC’s Party Now: Bernie-Backed Far-Leftist Could Win Dem Nomination to Replace ‘Moderate’ Sherrill in NJ
12 Minneapolis anti-ICE agitators arrested after massive crowd gathers outside Hilton hotel
First Nancy Guthrie Ransom Note Deadline Expires: ‘Do the Right Thing’
Shapiro fires back at DHS, says truck driver accused in deadly crash had legal status in database
RNC rolls out ‘powerful’ new TikTok strategy to win over key demographic after Trump’s 2024 success
‘Not Alaska First’: Peltola’s Green New Deal allies draw scrutiny in Alaska Senate bid
Hegseth says US strikes force some cartel leaders to halt drug operations
Can the late shah’s son sell the Trump administration on leading a postcleric regime in Iran?
Proposed California ‘wealth tax’ may backfire on liberal politicians as state’s revenue base dries up
Minnesota green energy program funded by Obama fined for killing bald eagle: ‘National treasure’
US forces kill two suspected narco-terrorists in Eastern Pacific lethal strike operation
Harvey Levin gives explosive update on purported Nancy Levin ransom note on ‘Hannity’
Fox News True Crime Newsletter: No suspects identified in disappearance of Nancy Guthrie as deadline passes
Civil rights groups issue Florida travel advisory for FIFA World Cup over immigration enforcement tactics“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.
