Germany to invest 57.6B euros in green energy technologies in 2024

The German Cabinet of Ministers has decided to allocate 57.6 billion euros for green energy projects in 2024, which is about a quarter more than the planned spending in this area this year, Report informs referring to TASS.

“The planned program spending for 2024 is about 57.6 billion euros, which is about 21.6 billion euros more than the planned spending for 2023. The main focus of financing is on the construction sector (reconstruction and new construction) with an amount of about 18.9 billion euros,” reads the statement.

The funds from the Climate and Transformation Fund will be directed to the development of renewable energy sources (12.6 billion euros), the expansion of infrastructure for electric vehicles (4.7 billion euros), the production of semiconductors (4 billion euros) and the introduction of hydrogen-based technologies. (3.8 billion euros).

The government will also finance the construction of energy-efficient buildings and the reconstruction of the railway network. In total, about 212 billion euros will be allocated for projects to reduce carbon emissions and achieve the country’s environmental goals in 2024-2027.