Germany, the fourth-largest industrial nation in the world, will not stray from its course to become carbon neutral during a ceremony hosted by the Social Democratic Party, which is led by Schultz. “We won’t put this off today, but instead, we need to invest billions right away in order to have carbon-free production,” he continued.
Schultz’s remarks coincide with the beginning of the climate summit (COB 27) in Sharm El-Sheikh, Egypt, which started by welcoming the delegations that would be attending the important international event, amid assurances in the presence of a large number of world leaders and leaders.
According to reports, Germany won’t be able to meet its climate targets over the current decade because of how its efforts to cut carbon emissions conflict with economic growth.
As part of its ambitions to achieve carbon neutrality by 2045, Germany is aiming to reduce its carbon emissions by 65 percent from 1990 levels by 2030.
Although the gas flow through the pipelines connecting Germany and Russia has been stopped, Schultz claimed that Germany will be able to overcome the winter crisis because of the natural gas storage facilities, which are almost full before the season in which the demand increases primarily for heating fuel.
In Germany, unusually warm weather increased gas storage levels to reach 99.3% of the overall storage capacity by withdrawal, according to the German regulators.
Nevertheless, according to Klaus Muller, the chairman of the German Federal Network Agency, a few days of freezing winter weather will be enough to use up all the gas that has been stored.
German Chancellor: By 2045, they intend to be carbon neutral.
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