Germany is going through a remarkable transformation from a fossil fuel-based economy towards a sustainable energy infrastructure dominated by wind and solar power. Although the transition is far from complete, German voters and private companies have voiced strong support for further changes despite setbacks and cost-overruns. Also, technical challenges are arising, which could derail the goal of achieving a CO2 emissions-free economy by 2050. Berlin, therefore, has recently decided on diversifying the methods with which to achieve its goal. Europe’s largest economy will provide 20 new research facilities with $110 million to test new hydrogen-based technologies for industrial-scale applications. Additional funds are earmarked for ‘structural change’ regions which are affected most by the energy transition such as areas with mines.
Oil Price 11th Aug 2019 read more »