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European Commission to fund Germany's decarbonisation efforts with €4 billion

The European Commission announced that it has approved a €4 billion investment under the German state aid programme to support Germany's decarbonisation of manufacturing.

European Commission to fund Germany's decarbonisation efforts with €4 billion

The European Commission has indicated that it provides financial support for decarbonisation efforts and supports such projects through the ''Project of Significant European Common Interest (IPCEI)'', for which it has previously provided an investment of €4.6 billion. It was reported that the German government's decarbonisation efforts will support projects such as the construction of glass melting tanks with electricity and the production of steel in direct reduction plants, where this investment will be provided by Carbon Contracts (CCFD).

Following analysis by the Ministry of Finance and its auditors, it was announced that the German government would launch the first auction and that the funds would be paid to companies in instalments under a 15-year 'Carbon Contract'.

In order to ensure all kinds of participation in the project, it is planned that the financing limit will start with 1 billion Euros and approximately 20 billion Euros of financing can be collected in four auction rounds for climate contracts.

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