Germany launches major subsidy scheme for greener industry [Video]

Germany on Tuesday launched what it called “an innovative” multi-billion-euro subsidy scheme aimed at turbocharging investments that will make industrial production in Europe’s top economy more climate friendly.

Energy Minister Robert Habeck said four billion euros ($4.4 billion) would be up for grabs in the first round of the programme, with companies in energy-intensive sectors like glass, steel and paper-making invited to submit proposals for green technology projects that will slash their emissions.

“We are the first industrial country to introduce this,” Habeck told a press conference, calling the scheme “an innovate, new instrument” that would cut red tape, boost technological innovation and help Germany reach its climate targets.

The “climate protection contracts” will run for 15 years, Habeck said, with the governmentawarding subsidies to those firms …