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The German steel industry needs state support for its green transition

In its report last week, the Scientific Advisory Board of the Federal Ministry for Economics and Climate Protection (BMWK) recommended increased attention to green markets. On the other hand, the document criticized climate protection agreements.

“Restricting climate protection agreements to individual pilot projects, as suggested by the advisory board, would be counterproductive”, said Martin Theuringer, managing director of the German Steel Industry Association, WV Stahl. He said that government funding is currently required to start the green transformation of the industry, and now everything depends on speed and scale.

According to the union’s website, the German Federal Ministry for Economics and Climate Protection will conclude the first agreements on climate measures with steelmakers in the coming months. It is planned to allocate a two-digit amount of one billion dollars for these purposes, and the implementation plan for these contracts is 15 years.

The Scientific Advisory Board of the relevant ministry considered in its report whether state support for climate-neutral production in industries already governed by the European ETS is appropriate and whether some regulatory measures should be introduced for local procurement of climate-neutral products, for example, green steel.

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