In a speech Monday to the United Nations Climate Conference (COP27) in Egypt, Schulz acknowledged that Germany is revitalizing coal-fired power plants “out of necessity, and for a short period” due to reduced energy supplies from Russia.
But he stressed that Europe’s largest economy remained committed to phasing out coal, telling the assembled leaders that “there should be no global return to fossil fuels”.
Schulz also said his government believes the future is for wind, solar and “green” hydrogen, and is ready to help other countries deploy renewable energy as well.
He stressed that green hydrogen is one of the most important basic factors in the major industrialized countries, and it represents one of the main areas to support the economy in the field of energy in various countries of the world.
On the future of energy in the Middle East and the African continent, Schultz pointed out that the Middle East and Africa have great capabilities to become the largest producers of green hydrogen in the world, stressing that the so-called green hydrogen revolution will succeed in the global energy market.
The German chancellor stressed that his country’s government attaches great importance to supporting green hydrogen markets in various countries of the Middle East and the African continent, noting that Berlin desires to strengthen cooperation with all countries in the Middle East and Africa to extract green hydrogen as it is essential for obtaining renewable energy.
He added that Germany is also ready to provide more financial support to developing countries in the face of climate change, as it provided 5.3 billion euros last year.
Germany will also inject 170 million euros into a “global shield” program that provides an insurance scheme for poor countries affected by climate-related disasters.
Schulz urged countries to agree on new steps to reduce greenhouse gas emissions during talks in Egypt, reiterating his call to join the “climate club” to raise the ceiling of the climate ambition he launched during Germany’s presidency of the Group of Seven major nations this year.
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