Germany launches a program that will make tens of billions of euros available for firms facing considerable energy costs, with an aim to help its challenged industrial sector fund a shift towards carbon-neutral production techniques.
The program, according to sources, is expected to have a volume of around 50 billion euros ($53.45 billion) over the next 15 years, coming as European industry faces pressure due to soaring costs for raw materials, energy and labor.
The money will be sourced from a so-called climate and transformations fund, being fed by revenues from emissions trading and other sources, although the economy and finance ministries both pointed to ongoing talks over Germany's budget, suggesting details have yet to be finalized.
