DIW: Energy market transformation due to sanctions cost Germany €100bn
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The entry of Russian troops into Ukraine and the subsequent sanctions provoked a sharp rise in energy prices. Because of this, a number of European countries, including Germany, were forced to increase the costs of environmental and economic transformation. In 2022, these processes required the attraction of an additional €100 billion from the budget of Germany and German companies, said Marcel Fratscher, President of the German Institute for Economic Research (DIW).
“The federal government should under no circumstances continue down the path of massive fossil fuel subsidies. Thus, the energy price shock is a painful yet necessary wake-up call that we hope will lead the economy to a faster transformation,” says Fratscher (quoted from Oldenburger Online Zeitung).
According to the head of DIW, the costs of German companies for innovation will continue to grow in the coming years, which is necessary to accelerate the transformation processes.
In December 2022, Germany, which was one of the main importers of Russian energy resources, completely abandoned coal, oil and gas from Russia. December 21 Germany also introduced commissioned the first floating LNG terminal in the country.
About German energy innovations – in the material “Kommersant” “Germany has become a buyer of LNG”.
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