Austria to provide EUR 5.7bn for industry decarbonisation
Austria's Vice-Chancellor Werner Kogler. Photo by the Federal Ministry for Arts, Culture, the Civil Service and Sport.
The Austrian government will provide about EUR 5.7 billion (USD 5.53bn) in financing by 2030 to support the decarbonisation of the industry and strengthen its independence from Russia.
The strategy was presented by Vice-Chancellor Werner Kogler, Climate Protection Minister Leonore Gewessler and Economy Minister Martin Kocher on Tuesday.
The funding package includes EUR 2.975 billion meant for industry transformation and the transition to climate-friendly production facilities; EUR 1.52 billion to support energy efficiency measures, EUR 600 million to promote research by 2026 and EUR 600 million for additional environmental support at home by 2026.
Speaking at a press conference, Gewessler said that it is time for a new industrial revolution. The replacement of coal and natural gas with green electricity and hydrogen will ensure the country's competitiveness, make it independent of Russian gas and protect the climate.
The funding programme will be signed into law to create a precise planning and financing horizon and enable companies to make investments to reduce their reliance on fossil fuels. Additionally, the aim is also to strengthen the competitiveness of local companies and Austria as a business location as well as become less dependent on suppliers.
During the conference, Kogler stressed that with the financial support for industry, the government will create predictability and reliability, thus securing hundreds of thousands of jobs and climate-friendly production in the country.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.