Germany to spend $220 bln for industrial transformation by 2026

Germany has earmarked 200 billion euros ($220 billion) to fund industrial transformation between now and 2026, including climate protection, hydrogen technology and expansion of the electric vehicle charging network, its finance minister said.

"200 billion euros in funding for the transformation of the economy, society and the state," Christian Lindner told public broadcaster ARD on Sunday, adding that this also included the removal of renewable energy levies.

Lindner's comments come as Germany is intensifying efforts to cut reliance on Russian gas by boosting infrastructure to import liquefied natural gas (LNG) and possibly relying more on coal-fired power plants.

At the same time, Germany is planning to boost investment in renewables for energy production.

In comments to Reuters, economy minister Robert Habeck said that agreeing on funds to boost the transition of Europe's largest economy was a great success.

"More urgently than ever, we need to invest in our energy sovereignty. And I am glad that we as members of the coalition are pulling in the same direction. Now we must make every effort to become more independent and climate-neutral."