They asked for half a trillion dollars to save German industry

In order to fight high energy prices and become competitive again, the German industry needs an investment package of 460 billion euros until 2030. This was announced by the Federation of German Industry (BDI).

"High costs mean that the domestic industry remains uncompetitive, and the "lack of clarity" should have been "erased as quickly as possible," co—author of the report Michael Brigl of Boston Consulting Group wrote, Montel reports.

According to Brigl and BDI, almost half a trillion euros are needed to modernize Germany's existing energy infrastructure.

"According to the document, in recent years, the German energy-intensive industry has faced a 25 percent increase in fossil fuel costs. This was a global problem, but it turned out to be the worst in Germany, where the industry faced a 15 percent cost premium compared to similar enterprises in the United States and China," Montel quotes the report of the Federation of German Industry.

BDI President Siegfried Russwurm said that Germany needs a plan and its immediate implementation, since there is no progress in achieving the goals of creating hydrogen power plants or laying a network of hydrogen pipelines in the conditions of the country's green transition.

All German government programs are short-term, he said: "The long-term perspective is crucial for business. This means that before we talk about building bridges, we must have a clear idea of what is on the other side."

Earlier, the German Chamber of Foreign Trade published a survey of entrepreneurs, according to which up to 40% of the country's industrial enterprises are considering moving abroad due to the volatility of electricity prices.

As EADaily reported, the former president of the European Central Bank, Mario Draghi, wrote a plan to curb the economic downturn of the EU countries. At the heart of Europe's economic problems, the author sees the cost of energy for industry, which currently has to pay 158% more for electricity and 345% more for natural gas than in the United States.

"We must abandon the illusion that only delay can preserve consensus,— writes Mario Draghi. — The delay only led to a slowdown in growth, and certainly did not lead to a consensus. We have reached a point where without action we will either have to endanger our well-being, our environment or our freedom."