Germany to set up climate protection contracts with industry in 2023 – minister

Session of the German lower house of parliament or the Bundestag

(Reuters) – Germany will set up so-called climate protection contracts with industrial companies next year to support a transition towards cleaner production and a switch to hydrogen, Economy Minister Robert Habeck said on Sunday.

“The aim is to efficiently develop a green industry along the value chain that becomes marketable,” Habeck was quoted as saying by Funke media group.

Habeck did not give details of what such agreements would consist of.

Reuters reported on Wednesday that Habeck was planning to award companies in energy-intensive industries including chemicals and steel 15-year subsidy arrangements that he called climate protection contracts, in return for reducing carbon emissions in their production.

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(Reporting by Riham Alkousaa; Editing by Frank Jack Daniel)