👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

Netherlands to spend $31 billion in drive to meet 2030 climate goals

Published 26/04/2023, 17:08
© Reuters.
CO2
-

AMSTERDAM (Reuters) - The Dutch government on Wednesday said it would spend 28 billion euros ($31 billion) in the coming years to guarantee it would meet its climate goals for 2030.

The government announced a range of measures which it said would make sure CO2 emissions in the Netherlands will be 55% lower than in 1990 by 2030 - ranging from building large offshore solar power fields to lifting taxes for polluting industries.

Emissions were around 30% lower in the euro zone's fifth largest economy than in 1990 last year.

"The Netherlands has for years missed its climate goals. Now it's time for a great leap forward," climate minister Rob Jetten said.

With a projected reduction of 22 megatonnes of CO2 emissions, the new measures aim for a 60% reduction by 2030, in order to make sure the 55% target will actually be met, Jetten said.

Measures include a higher CO2 tax for industrial companies, and increased subisidies for second-hand electrical cars, home insulation and solar panels on houses.

The also aim to make the energy sector carbon neutral by 2035, by transforming gas power stations to run on hydrogen, connecting wind farms to storage batteries and building offshore solar fields with a total capacity of 3 gigawatts.

Energy-intensive industrial companies should become carbon neutral by 2040, the government said, by ramping up the use of hydrogen in production processes and increasing demands for the use of recycled inputs for example in the production of plastics.

© Reuters. FILE PHOTO: Power-generating windmill turbines are seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017.   REUTERS/Yves Herman//File Photo

The government two years ago announced a designated climate transition fund, which should bring 35 billion euros in extra spending in the next 10 years, with 5 billion euros earmarked to help build two new nuclear power plants.

($1 = 0.9052 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.