Germany OKs plan to phase out coal power by 2038

Jan. 16 (UPI) --

Germany said Thursday it will pay energy companies nearly $5 billion to phase out coal power and move to green electricity within two decades.

Finance Minister Olaf Scholz announced the agreement after emerging from lengthy talks that began late Wednesday, saying the move will help Germany advance to environmentally friendly energy sources. He said coal-fired power plant operators will receive $4.8 billion in compensation.

Coal provided about 35 percent of Germany's total power in 2018, but government officials want to follow France, where coal produces just 3 percent of its energy.

The move was a victory for Chancellor Angela Merkel, who had faced increasing pressure to cut Germany's carbon emissions more quickly after it appeared the nation would miss its 2020 targets under the Paris Climate Agreement.

Coal operators in eastern Germany have complained the transtion will cause greater harm in their region since it depends more on fossil fuels and its residents earn lower incomes.

Officials said Tuesday they will also invest more in passenger trains to increase mass transit and cut carbon emissions from vehicle and air travel.

Source: United Press International
(January 16, 2020 - 7:54 AM EST)

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