Germany’s lower house of the parliament passed on Friday a bill to phase out coal-fired power stations in the country by 2038.
The new law entails over 50 billion euros ($56 billion) for mining companies, power plant operators, affected regions and employees to mitigate the impact of moving from coal to renewables as power source.
“The fossil fuel age is irrevocably coming to an end in Germany with this decision,” Economy Minister Peter Altmaier told lawmakers inside the chamber, urging opponents not to “talk it down”.
Coal-fired power plants operators will be able to compete in auctions to be held from September this year to 2027 for closure compensation payments. They will also be paid for switching from coal to gas, which emits less CO2.
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