23 Oct '11, 3pm

Germany Throws $130 Billion to Renewables

German Chancellor Angela Merkel announced on 30 May that Germany, the world’s fourth-largest economy and Europe’s biggest, would shutter all of its 17 nuclear power plants between 2015 and 2022, an extraordinary commitment, given that they currently produce about 28 percent of the country’s electricity. Underlining the government’s seriousness in changing the country’s energy matrix, Germany’s Kreditanstalt fur Wiederaufbau (German Development Bank) is to underwrite renewable energy and energy efficiency investments in Germany with $137.3 billion over the next five years, Germany Trade and Invest reported. Overall, the German government’s 6th Energy Research Program has made an extraordinary $274.6 billion available for joint funding initiatives in energy storage research over the next three years. It is by any yardstick an extraordinary (and expensive) commitment that may...

Full article: http://www.solarfeeds.com/germany-throws-130-billion-to-r...

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