German parliament passes coal exit bill

Financial Post | Jul 3, 2020 at 2:15 PM
  • Germany’s Bundestag, the lower house of parliament, on Friday passed a bill on the country’s exit from coal as a power source to meet climate targets.
  • The bill involves over 50 billion euros ($56 billion) for mining and power plant operators, affected regions and employees to cushion the impact of the transformation from coal to renewables.
  • Costs of generating power from renewable sources have become increasingly competitive, and cheap gas is pushing coal out of the fuel mix in a trend that has been enhanced by the political will to drive up the cost of carbon emission allowances.