(Bloomberg) -- Chancellor Olaf Scholz said his government remains committed to investing billions of euros in climate-friendly technologies in Germany after court-ordered limits on funding threw his coalition’s budget into disarray.
“We will do everything to realize these goals,” Scholz told reporters at the COP28 climate summit in Dubai on Friday. “Germany has to make an important contribution here as a successful industrial economy.”
Scholz, a Social Democrat, shortened his trip to Dubai and heads back to Berlin on Saturday for talks with leaders of the Green and Free Democratic parties on resolving the budget crisis.
A German Constitutional Court ruling on Nov. 15 is forcing Scholz’s governing coalition to move tens of billions of euros from special funds into the regular federal budget. That will drastically limit its spending leeway and threatens projects from greening manufacturing to building out solar energy and expanding battery and semiconductor production.
Germany has the means to produce new technologies that will ensure global prosperity without further damaging the climate, Scholz said in Dubai.
Scholz made it clear at COP28 that he intends to leave Germany’s climate investments largely untouched. “All this we will continue to drive forward actively,” he said.
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