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Austria To Invest 1B Euros Yearly For Switch To Green Energy
- By The Financial District
- Jul 10, 2021
- 1 min read
Austrian politicians have agreed to invest 1 billion euros (1.2 billion dollars) a year by 2030 in order to switch to 100 percent renewable electricity production by decade's end, Deutsche Presse-Agentur (dpa) reported.
"With this, we are laying the foundation for climate neutrality," Environment Minister Leonore Gewessler told parliament, which passed the legislation on Wednesday.
According to the governing coalition of the conservative OeVP (Austrian People's Party) and the Greens, solar power plants and wind turbines are to account for the bulk of the expansion.
Hydropower already plays a major role in the Alpine country. To reach 100 percent, green electricity production needs to be increased by 27 terawatt-hours.
The government sees the agreed funding package as the first step to initiating green sector investments worth more than 30 billion euros. It predicts the scheme will create up to 100,000 jobs.
In order to fund the measures, the annual green electricity tax paid by households will rise from around 100 euros to 115 euros even as the tax for low-income households was capped at 75 euros. The law was supported by all parties except the right-wing FPOe.
