Search posts by:

Search posts by:

Newsletter successfully sent
Failed to send newletter

AlwaysFree: Germany Prepares Hefty Budget for Climate Fund

Author: SSESSMENTS

According to some sources familiar with the plans, Germany’s next government is preparing a 2021 supplementary budget to allocate a hefty climate fund of more than EUR50 billion (USD56 billion) set to be spent over the next few years to quicken the transition towards a green economy.

The three parties set to form the new government agreed to finance the climate fund injection with still unused debt authorization in this year's federal budget, which would translate to the allocation of EUR240 billion (USD269.3 billion) in debt limit originally granted by parliament for 2021.

The measure would enable the new government to maximize the consumption of Germany’s debt break due to the coronavirus pandemic in 2021 and 2022 to strengthen its climate fund.

The coalition aims to allocate the funds for critical public investments in climate protection measures and the digitalization of the economy.

The next government will delay the first repayment of coronavirus debt by five years from 2023 to 2028 and stretch the repayment period from twenty to thirty years until 2058. This will create additional space in the federal budget of EUR2 billion/year (USD2.24 billion/year) from 2023 and nearly EUR10 billion/year (USD11.2 billion/year) from 2026 onwards.

Tags: AlwaysFree,Bio/Renewables,English,Europe,Germany,West Europe

Published on November 26, 2021 12:08 PM (GMT+8)
Last Updated on November 26, 2021 12:08 PM (GMT+8)