July 15, 2020 / 11:33 AM / 21 days ago

Germany eyes subsidies for steel, chemicals sectors to cut CO2

FILE PHOTO: A steel worker of Germany's industrial conglomerate ThyssenKrupp AG works near a blast furnace at Germany's largest steel factory in Duisburg, Germany, January 28, 2019. REUTERS/Wolfgang Rattay/File Photo

FRANKFURT (Reuters) - Germany is planning to seek EU approval to support the steel and chemicals industry in its efforts to become climate-neutral, its economy minister said on Wednesday, adding he hoped to make substantial headway in the second half of 2020.

Peter Altmaier, speaking after he presented the country’s national steel roadmap, said that this usually covered support payments of 25%-35% of total investments of a specific sector.

Germany’s steel industry must invest about 30 billion euros ($34 billion) to become climate-neutral by 2050.

Reporting by Christoph Steitz; Editing by Michelle Martin

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