Germany is on track to fall short of its ambitious long-term climate change goals despite its plans to have spent more than $500 billion to reach them, according to Reuters.
The German government is primed to miss its targets of reducing its greenhouse gas emissions by 65% by 2030 and reaching net-zero carbon dioxide emissions by 2050, according to Reuters. The German government will have spent by 2025 the equivalent of at least $580 billion toward achieving the goals that it is now forecasted to miss, according to Bloomberg.
The German economy is the largest in Europe, but it has been in recession since the first quarter of 2023, a potentially long-term problem which is largely attributable to its energy problems, according to Politico. The country has spent enormous sums to subsidize green technology, which generated 46% of the electricity consumed by Germans in 2022, according to the German Federal Environment Agency.
Germany needed to spend an extra $1 trillion to meet its 2030 goal as of 2021, according to Reuters. The country has been hailed as a leading force in the green energy transition, but its economy has suffered mightily in the wake of Russia’s invasion of Ukraine, which has resulted in diminished natural gas flows to fuel the country’s manufacturing sector, according to the Heritage Foundation.
Germany’s decision to shut down its last three nuclear power plants, effectuated in April, has compounded the effect of inconsistent Russian gas flows on the German economy, according to Reason Magazine. Making matters worse, Environment and Energy Minister Robert Habeck warned in June that the country may have no choice but to deliberately diminish its industrial capacity if its current natural gas deal with Russia expires in 2024 without a replacement in place.
Prices for goods like pork and sugar have skyrocketed, while many Germans are finding themselves on the hook for spiking energy bills, according to the Heritage Foundation.
The German government did not respond immediately to a request for comment.
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