Germany Offers €5 Billion to Help Heavy Industries Cut Emissions

Germany kicked off an auction to offer up to €5 billion ($5.8 billion) to help heavy industries cut their carbon emissions, easing uncertainty over whether the government would press ahead with the planned subsidies.

While the amount available for this year is less than the €6 billion previously earmarked, it’s crucial to helping Europe’s biggest economy slash its emissions by two-thirds by 2030 from 1990-levels, while staying competitive against industries in places like China and the US. Technologies for capturing and storing CO2 will be offered funding for the first time.