German Chancellor Angela Merkel announced on 30 May that Germany would close all of its 17 nuclear plants by the years: 2015-2022. These nuclear power plants are producing about 28% of the country’s total electricity.
Germany trade and invest reported that Germany’s Kreditanstalt fur Wiederaufbau (German Development Bank) is planning to invest $137.3 billion in the renewable energy and energy efficiency in Germany over the next five years. Overall, Energy Research Program by the German government has made $274.6 billion available funding in energy storage research by the next three years.
This funding by Kreditanstalt fur Wiederaufbau is made available in all the research initiatives of renewable energy including wind and solar energy generation. As this year’s funding, last year Kreditanstalt fur Wiederaufbau invested in 40% of all installations in Germany.
Germany is most thriving photovoltaic market in the world and have Europe’s biggest share of installed wind capacity. German government’s strong determination to move to the field of renewable energy by the year 2020 shows that it will account for about 35% of Germany’s energy by that time and 80% by the year 2050. At this time, Germany is producing 20% of its energy from renewable energy sources and this has been increased by 6% from the year 2000.
Industry expert Tobias Homann reported;
“With the decision to abandon nuclear power earlier this year, it was clear that the road ahead would be challenging. But Germany is in a very promising position to be the first industrialized country to rely entirely on renewable energy.”
Jurgern Friedrich, CEO of German Trade and Invest said,
“Germany has established the ideal prerequisites for the rapid development of the energy storage industry. The unique combination of renewable energy generation, innovation and implementation through such projects makes Germany an optimal location for companies looking to enter this budding industry.”
This effort is also important for creating new job opportunities and industries for thousands of people.