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Germany will achieve its target of achieving a share of 80 percent renewable energy in its electricity use by 2030, according to chancellor Olaf Scholz. Speaking at a convention of Germany鈥檚 Catholic Church on Friday, Scholz said that 鈥渃ontrary to two years ago, I can now say: we will achieve our 2030 target of 80 percent electricity from renewable sources,鈥� news station n-tv. The country had long passed the point where it merely debates how to source its energy in the future. 鈥淲e now have to do it,鈥� the chancellor said. Moreover, Germany will continue to be a major producer of steel and chemicals with an energy system that has largely given up the use coal, oil, and gas. This would be achieved through a combination of technological prowess by its companies and billions in subsidies by the government for mastering an industrial transformation towards climate neutrality. Scholz鈥檚 appearance at the convention was聽聽by climate activists who said he would not live up to his self-styled image of being a 鈥榗limate chancellor鈥� for the country. Amid a period of increasing political radicalization and repeated acts of violence against lawmakers in Germany, Scholz criticised the Last Generation (Letzte Generation) activists for their disruptive form of protest.

Meanwhile, Germany鈥檚 energy industry expects the costs for making the country鈥檚 energy system climate neutral to amount to more than 720 billion euros by 2030 - and up to 1.2 trillion euros by 2035. Most of the money will be needed for building more renewable power sources, expanding and modernizing the grids for electricity, heating, and gas, and for scaling up a national hydrogen infrastructure. This sum could only be raised 鈥渋f energy companies, the finance industry and the state pull together鈥� and tap into all possible sources of funding, energy industry lobby group BDEW and local utility association VKU聽. Raising funds from the private sector would be of paramount importance, the groups said. It proposed the creation of an 鈥淓nergy Transition Fund鈥� with an initial endowment of up to 50 billion euros that could supply companies with capital for making the necessary investment.