Germany to Phase Out Coal by 2038 to do Away with Fossil Fuels

Germany to Phase Out Coal by 2038 to do Away with Fossil Fuels

Summary

Germany, one of the largest consumers of coal, has decided to shut down all its coal fired plants by 2038. The country has made this announcement owing to its international commitments in the fight against climate change. It will require investment of around $45 billion to mitigate the dependence on coal fired plants which accounts for 40% of Germanys electricity production.

The decision to shelve all coal fired plants comes after an earlier decision by German government to shut down all its nuclear power plants by 2022 post Fukushima disaster in 2011. At that time, the decision was severely criticized by business leaders who were worried about the increase in the electricity prices, thereby making the industry less competitive.

The country has closed 12 out of 19 nuclear power plants till date. The plan to close coal fired plants as well means the country has to rely on renewable energy which has to provide 65% to 80% of countrys power by 2040. Renewable energy has overtaken coal as the leading source of energy as it accounted for 41% of countrys electricity.

Scope

- The report analyses Germanys decision to shut down coal fired power plants by 2038 to do away with fossil fuels.
- Detailed overview of the German governments recommendations on phasing out coal-fired power plants in the country.
- Provides an analysis of the German power sector.

Reasons to buy

- Understand the German governments decision to shut down its coal fired power plants by 2038 to do away with fossil fuels.
- Identify recommendations put forward by the coal commission for phasing out coal-fired power plants in the country.
- Develop strategies based on the latest regulatory events.

Germany to Phase Out Coal by 2038 to do Away with Fossil Fuels
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