Coal news and updates

German coalition agrees 2030 coal exit, aims for 80% share of renewables

Germany's new coalition of SPD, Greens and liberal FDP agreed Nov. 24 a coalition treaty that brings forward the country's coal phase-out date from 2038 to 2030.

The parties also plan to lift Germany's renewables target for 2030 from 65% to 80% of electricity demand with a massive expansion of wind and solar.

The 2030 solar target would be doubled to 200 GW, the offshore wind target lifted by 50% to 30 GW and the electrolyzer capacity target for hydrogen production doubled to 10 GW.

Plans are based on power demand rising to a range of 680-750 TWh/year in 2030.

Party leaders presented the agreement after weeks of talks in Berlin following the Sept. 26 election.

The treaty now needs to be approved by SPD and FDP party conferences, while the Greens require approval by all members.

The coalition parties plan to vote for Olaf Scholz as new Chancellor in the first week of December.

Green Party co-leader Robert Habeck is set to become the new economy, energy and climate minister with the Greens also set to take the foreign and environment ministries.

In a press conference, Habeck confirmed the 2030 coal exit date and announced plans to set a Eur60/mt floor price for CO2 without providing details.

EUA carbon allowance prices hit a record Eur72.91/mt Nov. 24, almost tripling year-on-year amid tighter EU climate targets.