Germany is likely to miss its carbon emissions targets next year and may not reach them until 2024, its climate change minister has said.
Robert Habeck, the Green vice-chancellor of the new climate-focused government in Berlin, said ministers inherited a “drastic backlog” from the previous administration.
He said the tasks included more than doubling the number of wind turbines – with the government planning to speed up approvals with new laws in 2022.
In the meantime, Germany “will probably miss our targets for 2022 … even for 2023 it will be difficult enough,” Mr Habeck told Die Zeit newspaper.
The coming year will be “one of the most exhausting years this ministry has experienced in a long time,” he said of his so-called super-ministry that combines economic affairs and climate change.
Mr Habeck is responsible for putting the coalition’s plans to make 80 per cent of Germany’s electricity renewable by 2030 into action.
The government's agenda includes far-reaching reforms in manufacturing, transport and agriculture and an expansion of solar and wind energy.
Between 1,000 and 1,500 wind turbines will have to be built every year, compared to about 450 under the last government, Mr Habeck said. He acknowledged that this agenda would not be universally popular.
“Not everyone’s going to clap and say hooray, another wind turbine," he said.
The pressure will be raised further this week when Germany disconnects three of its last six nuclear plants. The final batch will be closed next year, leaving a gap in electricity generation that coal and gas will fill if renewables do not.
But Mr Habeck said there was no desire to change course on the abolition of nuclear power, a course set in 2011 and one of the Green party’s flagship goals over the decades.
The targets that could be missed for 2022 include cutting CO2 emissions by 38 per cent compared with 1990 levels in Europe's biggest economy.
Emissions were intended to be 15 per cent down in the hard-to-decarbonise transport sector.
The previous government under chancellor Angela Merkel set steeper targets after a court ruling in April that the previous goals were not sufficient.
But the coalition wants to go further still and is aiming for carbon neutrality by 2045, with the aim that this will meet the Paris Agreement goal of limiting global warming to 1.5°C.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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UAE currency: the story behind the money in your pockets
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: seven-speed automatic
Power: 592bhp
Torque: 620Nm
Price: Dh980,000
On sale: now
