Merkel says massive investment, reforms needed for green transition. (picture alliance / dpa / Reuters / Pool)
German Chancellor Angela Merkel said on Tuesday that she believed massive investments and reforms will be needed to transition to a greener economy.
"In the coming years we will have to spend gigantic sums," Merkel said at an industry event in Berlin.
"We live in a time of ground-breaking change," the chancellor said.
A bulk of the investments would have to be made by the industry, Merkel said, while also acknowledging that state support was essential in some areas, such as the expansion of chip manufacturing in Europe or the production of battery cells for electric cars.
In terms of reforms, Merkel said authorization processes for renewable energy plants and grids should be sped up, especially since the demand for energy would probably increase in the coming years.
The chancellor also warned the European Commission against imposing excessively tough climate targets on businesses.
She said an industrial country like Germany needed a framework that was doable and would not chase businesses out.
On July 14, the commission is due to present a new legislative package, outlining the implementation of its new ambitious climate target of decreasing emissions by 55 percent by 2030, compared to 1990 levels.
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