After devastating floods in Pakistan, scientists and environmental campaigners called for the German government to create a $100 billion (100 billion euro) fund for tackling climate change.
According to the President of the German Institute for Economic Research, Marcel Fratzscher, funds are needed somewhat because of the country’s failure to invest enough in the wind and solar power.
He said that adequate money would have made Germany less dependent on fossil fuel importations that are now contributing to energy poverty.
“These mistakes need to be corrected now,” Fratzschersaid, while talking to the reporters in Berlin.
Additional tariff income that the German government is receiving because of the prevalent inflation could go toward the fund, which would echo a similar monetary vehicle the government lately created to boost the military. Treasury funds already were up 29 billion euros in the first half of the year, the president said.
Environmental activists’ stance
According to Volker Quaschning, a notable climate scientist at Berlin’s University of Applied Sciences for Engineering and Economics, the 100 billion euros were only a small amount of the total sum needed to transform Germany into a low-carbon financial system and make the country resistant to the impacts of global warming.
Meanwhile, Luisa Neubauer, one of the spokespersons of the Fridays for Future youth movement, stated that Germany should take its hint from a bill recently passed in the United States that predicted $375 billion in governmental investments to combat climate change over the decade.
Part of the Funds for Needy Countries
Part of the money would also go toward supportingneedy countries. VolkerQuaschning said occasions such as the recent flooding in Pakistan showed that far more amounts would be needed in the coming years if Germany wants to take up its share of responsibility for climate change.