Germany approves $68 billion in funding to combat climate change

According to Finance Minister Christian Lindner, 60 billion euros for future investments are a booster for the economy

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Christian lindner
(Photo by homas Imo/Photothek via Getty Images)

The German government granted 60 billion euros ($68 billion) in funds for mitigating climate change and upgrading on Monday, a development that the country’s new finance minister characterized as a “booster” for Europe’s largest economy.

The money would be transferred into a government fund being remodeled as a “climate and transformation fund,” according to the extra budget endorsed by Chancellor Olaf Scholz’s Cabinet. It will be used to fund climate change programs as well as infrastructure improvements in Germany.

According to Finance Minister Christian Lindner, 60 billion euros for future investments are a booster for the economy, which is still recuperating from the coronavirus outbreak.

Lindner remarked that additional borrowing this year will remain constant as the previous government’s budget of 240.2 billion euros.

While talking to reporters, he said

No new debt is being taken on. we are only using so-far unused credit authorization to run up the extra funding

Lindner and his pro-business Free Democrats, the smallest of three parties in Scholz’s center-left coalition, have ruled out tax hikes and insist on adhering to laws that limit future debt. Those were put on hold during the pandemic.

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