Germany [New] EU countries including the Netherlands, Germany and Sweden intend to introduce petrol and diesel bans from 2030, while the UK plans to do so from 2035. [New] German Chancellor Angela Merkel is now under unprecedented pressure to cancel the almost completed project, through which Russia's Gazprom hopes to ship as much as 55 billion cubic meters of gas per year to Germany and other customers in central Europe. [New] Germany would risk becoming dependent on Russia by completing Nord Stream 2, a controversial 1,225 km (760-mile) gas pipeline owned by Russia's Gazprom. [New] The Netherlands, France, Poland, Ireland and Belgium have all issued a sovereign green bond and Germany and Italy have announced they will be issuing later in 2020. [New] The goal of the Germany initiative is to generate demand of 90-110 TWh by 2030 with up to 5GW of Hydrogen produced through Electrolyzers of installed capacity, then to provide an additional 5GW by 2035. The German government supports a European initiative to make the EU climate neutral by 2050, which if enacted would translate into more ambitious climate targets for Germany. Electricity export in Germany under the 2032 lignite phase-out scenario is 7 TWh lower than the reference case in 2030. Despite decreasing thermal capacities in the reference scenario, the total installed capacity in Germany is expected to increase from 216 GW in 2020 to 312 GW in 2030. Germany expects the economic devastation caused by the COVID-19 pandemic to be less severe than originally feared in 2020, but it sees a weaker rebound for Europe's largest economy next year due to sluggish foreign demand. The first hydrogen trains now operating in Germany demonstrate that there is an opportunity for the north east to lead the way in the UK and build on its ambition to develop a hydrogen economy and be at the forefront of hydrogen technology in Europe. Germany has finalized its plan to phase out coal and lignite from its power mix by 2038 at the latest. Europe's biggest economy, Germany, has already slipped into a recession, with GDP expected to shrink by 6.3% in 2020 - the biggest contraction since 1949. 42% of new cars sold in Europe will be battery-powered by the end of the decade, with the UK, Germany, France, the Netherlands and Scandinavia leading the way. Additional coal capacity expected for closure beyond 2030 includes 17 GW in Germany; 9 GW in South Chungcheong Province, South Korea; 3.7 GW in Chile; and 1.8 GW in Mexico. Within Europe, Germany the Global Industrial Semiconductors market forecast to grow at approximately 8.4% CAGR while Rest of European market will reach US$ 18.7 Billion by the year 2027. In 2020 Canada, France, Germany, Italy, Japan, the UK and the US are all expected to go into recession. The carbon price in European emissions trading currently fluctuates between 20 and 30 euros per tonne; the national carbon price in Germany rises from 25 euros next year to 55 euros in 2025. Germany, Europe's largest coal consumer, announced plans to phase out its coal plants - but not until 2038, even though the average age of the German plants is about 30 years. The 2020 slowdown will be particularly pronounced across advanced economies such as the United States, Germany, Italy, and Japan. President Donald Trump once again vented his frustration with Germany for not planning to hit the NATO spending target of 2% of its gross domestic product on national defense by 2024. If a tax could be agreed by Germany, France, Italy, Spain, the Benelux and the EU Nordic countries, it would cover 59% of emissions from flights within Europe and raise €3.7 billion a year. Late last year seven countries led by France and Germany secured approval from Brussels to splash out €3.2 billion in state aid to build out Europe's stake in a battery technology market estimated to be worth an annual €250 billion by 2025. Six years ago Germany joined other NATO members in promising to spend 2% of GDP on the military by 2024. See full forecast Last updated: 15 September 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
