Germany’s busineses and households financed a majority of the country’s renewable energy and energy-efficiency initiatives in 2010, according to a new report from the Climate Policy Initiative. According to “The Landscape of Climate Finance in Germany.” According to the report, the country invested 1.5 percent of its gross domestic product in 2010—accounting for 37 billion euros—in measure that reduce the effects of climate change, with 22 billion euros coming from corporate investors. Private households invested 14 billion euros.
The government assisted investments via low-interest loans from public banks. Renewable energy generation accounted for the bulk of the country’s climate-related investments in 2010, with small-scale renewable-energy projects such as residential solar PV installations comprising 75 percent of all investments in renewable energy.
The German government has committed to reducing its greenhouse gas emissions by 80 to 95 percent by 2050, and to phase out nuclear energy by 2022.