Renewable Energy Sources Act (EEG 2023)

Germany updated its Renewable Energy Act (Erneuerbare-Energie-Gesetz, EEG) in 2023 to align with the 1.5 degree path of the Paris Climate Agreement. The  EEG 2023 put in place more ambitious renewable expansion goals and improved the framework conditions for renewable energies. As part of the EEG, Germany aims to meet at least 80% of its electricity consumption through renewable energies by 2030. The plan also includes financing the costs of the EEG though the Federal budget - having replaced the former levy on electricity prices. For 2024, around €16.2 billion is allocated for the financing of the EEG.

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