German government allocates additional €500 million to development ministry for climate protection

On October 9, 2019, the German government passed a new climate protection law, which includes concrete measures and projects through which Germany intends to reach its climate targets by 2030. The law includes a new climate protection package ('Klimaschutzprogramm'). To finance the package, the Federal Ministry for Economic Cooperation and Development (BMZ) will receive an additional €500 million (US$564 million) for 2020, raising the total draft budget of BMZ for 2020 to €10.9 billion (US$12.3 billion).

The additional funding will mainly be used to expand renewable energies in Africa, invest in rain forest protection measures, and support adaptation measures in order to strengthen agriculture in drought regions. In total, Germany will contribute more than €4 billion (US$4.5 billion)to international climate financing in 2020.

The law still needs to be approved by parliament.

Climate Budget 2020 - Federal Ministry of Finance (in German)
Press release - Federal Ministry of Economic Cooperation and Development (in German)

Germany