Germany is launching a programme that will make available tens of billions of euros for firms facing substantial energy costs, in a bid to help its challenged industrial sector fund a shift towards carbon-neutral production techniques.
European industry is facing pressure due to high costs for raw materials, energy and labour, while other regions, most notably the United States, are luring companies away from the continent by offering lavish subsides.
As part of the process, companies will be able to apply for support payments, which the government said will be a mid double-digit billion euro amount overall over a 15-year period, the economy ministry said on Monday. He said that while other parts of the world, ranging from the United States to Asia, were offering investment incentives, Germany was subject to stricter requirements when it comes to budget and keeping debt under control.
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