Germany offers support to 15 firms that cut emissions

GERMANY has awarded support guarantees to 15 companies under the Climate Contracts for Difference (CCfD) scheme, which aims to put the country's industry sector on track towards climate neutrality, according to Clean Energy Wire.

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The scheme, launched by Europe's largest economy last year, aims to prepare Germany's industry sector for decarbonisation and allow the country to achieve climate neutrality by 2045.

The contracts compensate companies for the extra costs of slashing emissions with the so-called "climate contracts," providing them with planning security regarding key transformation projects for 15 years.

The government will remain "completely technology open" regarding the ways participating producers find to meet their targets. The procedures awarded in the first round of CCfDs often used novel technologies that made it hard for companies to gauge financial risks.