“This is money well invested, because man-made climate change is the greatest challenge of our time,” Scholz said in a statement released by Xinhua News Agency on Wednesday.
The 2020s would be “the decade of transformation”, he added.
Germany is looking to become climate neutral by 2045, five years ahead of schedule.
The initial target of reducing greenhouse gas emissions by 2030 has increased from 55% to 65% compared to 1990 levels.
In order to achieve the “ambitious climate goals”, specific and comprehensive actions are needed with an emphasis on short-term measures that “visibly and measurably reduce greenhouse gas emissions”, said the Minister. Federal Ministry of Finance (BMF) in the press release.
With 5.5 billion euros, the energy-efficient renovation of residential buildings and new construction or ecological renovation of social housing would be favored until 2025, according to the BMF.
At the same time, the minimum energy standards for new buildings would be raised.
Around 1.07 billion euros would be invested in the transport sector.
Over the past two years, the German government has already invested more than 80 billion euros as part of its climate protection and economic recovery programsBMF
The projects include new cycle paths, the digitization of railways, new fast-charging stations for electric vehicles and environmentally friendly maritime transport, according to the BMF.
Over the past two years, the German government has already invested more than 80 billion euros as part of its climate protection and economic stimulus programs, the BMF said.
The government approved the new emergency program as well as the 2022 federal budget proposal.