EU approves Germany’s 5 billion euro plan to reduce industry carbon dioxide emissions
The European Commission on Monday approved a 5 billion euro ($5.4 billion) German government initiative to assist businesses in decarbonizing production processes.
The committee made it clear that the vice president of the impartial and competitive transition, Teresa Ribera, said: “The plans approved today will support ambitious projects that will significantly reduce greenhouse gas emissions from the industrial production process in Germany.”
“This will help the EU reach climate neutrality target by 2050, while ensuring any potential competitive distortion is kept to a minimum,” Ribera added.
Funds are committed to helping German companies reduce carbon dioxide (CO2) emissions during their production processes, such as through electrification, use of hydrogen, carbon capture and energy efficiency measures.
Businesses affected by the EU emissions trading system (for example, in the chemistry, construction and food sectors) can benefit from the program.
The projects supported by the program must reduce emissions by 60% within three years and by 90% at the end of the project.
