'Germany's Half-a-Trillion Dollar Energy Bazooka May Not Be Enough'
Friday December 16, 2022. 03:40 PM , from Slashdot
schwit1 writes: Germany is bleeding cash to keep the lights on. Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago. And it may not be enough. 'How severe this crisis will be and how long it will last greatly depends on how the energy crisis will develop,' said Michael Groemling at the German Economic Institute (IW). 'The national economy as a whole is facing a huge loss of wealth.'
The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany's drives aimed at avoiding running out of power and securing new sources of energy. That equates to about 1.5 billion euros a day since Russia invaded Ukraine on Feb. 24. Or around 12% of national economic output. Or about 5,400 euros for each person in Germany. Germany wants renewables to account for at least 80% of electricity production by 2030, up from 42% in 2021. At recent rates of expansion, though, that remains a remote goal.
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