Germany to earmark 4 bln eur for industry decarbonization subsidies - source

The German government will earmark some 4 billion euros ($4.31 billion) for subsidies to support energy-intensive firms switching to green production, a government source told Reuters on Friday. ($1 = 0.9289 euros)

The German government will earmark some 4 billion euros ($4.31 billion) for subsidies to support energy-intensive firms switching to green production, a government source told Reuters on Friday. As part of Germany's ambitions to become climate-neutral by 2045, Berlin plans to award companies in industries such as steel and chemicals 15-year subsidies in return for reducing carbon emissions in their production, the economy ministry said in a statement on Friday.

The ministry said the European Commission had approved the subsidies' instrument, adding that it would launch the first calls for funding shortly. ($1 = 0.9289 euros)