CAPTION: Peter Altmaier (CDU), Federal Minister of Economics and Energy, speaks at a press conference.
German Economy Minister Peter Altmaier on Monday presented a plan to create a climate foundation that would combine state and private funds to invest in measures to ensure the reduction of CO2 emissions in Germany.
The "Citizens Foundation for the Climate" could accumulate up to 50 billion euros (55 billion dollars) in funds by offering "citizen bonds" at a fixed interest rate for a minimum of 10 years. The state would initially provide 5 billion euros to the fund.
Altmaier hopes the plan to create the foundation will ensure that Germany achieves its climate goals whilst also holding on to ITS balanced budget, a policy that prevents the government from incurring new debt.
The German climate cabinet will decide on September 20 on a package of measures to ensure the climate goals are reached. Whilst there are many suggestions on the table, there is also much discussion over how they may be funded.
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