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Germany's coal mines receive a $ 40bn bailout
Germany's coal mines receive a $ 40bn bailout because the country is giving up coal for power generation
For 20 years, a total of EUR 40 billion will be spent on coal areas in eastern Germany and the Ruhr area.
The abandonment of coal mining and lignite and the shift to renewable energy will cost Germany both money and jobs. Newly the German government decided on a large support package for existing coal and lignite mining areas - just as the coal commission established by the government in January 2019.
Over the next 20 years, a total of EUR 40 billion will be channelled to coal-fired areas in eastern Germany, Lausitz and Ruhr in western Germany, to accelerate structural change in a low-carbon society. The government's goal is to create new industrial jobs with money for former coal areas and to support infrastructure projects.
Ifo, the German Institute for Economic Research, estimates the government's support package to be a major and necessary effort to promote the success of structural change following German energy policy.