• Sat. Dec 9th, 2023

German Court Ruling Sends Economic Ripples Throughout the Nation


Nov 21, 2023

Transport Minister Volker Wissing and German Chancellor Olaf Scholz were present at the third national aviation conference held at Lufthansa Technik in Hamburg, Germany on September 25, 2023. REUTERS/Fabian Bimmer/File Photo

BERLIN, Nov 21 (Reuters) – Germany’s Economy Minister Robert Habeck has stated that the transfer of funds back from the Climate Transformation fund following a court ruling has had a chain reaction. The now-cancelled 60-billion-euro in funds leveraged far more capital than previously anticipated. Habeck emphasized the significance of these funds, stating that they are not an add-on that can be carelessly discarded. He expressed concern that the loss to the economy if investments were not made now would be even greater.

Habeck made these remarks during a news conference in Jena where he also discussed how the government is now urgently preparing and discussing its budget in light of the court ruling and missing funds. Transport Minister Volker Wissing also commented on the ruling, emphasizing the need to reevaluate and check budget prioritization in light of its consequences on government funds. Wissing stated that this reassessment must take place immediately, but he could not predict its outcome at this time.

Reporting by Riham Alkousaa

Editing by Miranda Murray

Our Standards: The Thomson Reuters Trust Principles

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