Skip to comments.Germany to Invest $137 Billion in Renewable energy Over the Next Five Years
Posted on 10/19/2011 4:06:11 PM PDT by bananaman22
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 governments seriousness in changing the countrys 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 well have the collateral benefit of unlocking similar funding worldwide for renewable energy projects.
The new Kreditanstalt fur Wiederaufbau loans and projects are designed to underwrite a broad array of energy areas, including energy efficiency and smart grids, as well as wind and solar energy generation. Last year Kreditanstalt fur Wiederaufbau financed 40 percent of all photovoltaic installations in Germany.
Germany is already the world's strongest photovoltaic market and also accounts for Europe's largest share of installed wind capacity. Moving resolutely into the field of renewable energy, by 2020, renewable energy sources are expected to account for 35 percent of Germany's energy output, soaring to 80 percent by 2050. Germany now produces 20 percent of its electricity from renewable energy sources, now, up from just 6 percent in 2000. The effort is in turn creating thousands of jobs and new industries.
Industry expert Tobias Homann observed: Full article at: Germany Sets Aside $130 Billion for Renewable Energy
How much of the 137B is Obama guaranteeing?
$137 Bn won’t be nearly enough to compensate for the power lost to shutting down 17 nuclear plants over the next decade, starting in four years.
Even if it yields research results, it isn’t going to yield viable power in the specified time. Prepare for brown outs, mein freunder.
I thought the Germans were more logical than that. But they did follow Hitler. I guess the ones with common sense moved to America.
YIKES! This proves conclusively that Chancellor Angela Merkel is one of the stupidest people on earth!
They’re following Spain’s wonderful green energy economy.
Ummmm... Good luck with that. (sarcasm off now)
Solar is not viable, as baseline generation; in the sun drenched expanse of the Mojave Desert. Plus the power line unsightly issue.
I take percent from renewable generation numbers with a grain of salt. They could be referring to installed capacity, not generation mix. The capacity factor on renewable are going to be in the 20's.
Let us know how this works out, Frau Merkel.
Don't they have permeable shale in Europe?
That’s 137 billion they can kiss goodbye.
That will be $137 billion dollars down a rat hole. But hey, Germany’s economy is booming, why not throw billions away on political correctness? It’s only tax money.
I’ll be brief: Proof that the entire PLANET is going to Hell in a hand basket!
Meanwhile, we, the American tax payer pay for their defense. We are subsidizing their Green Energy programs.