SOURCE: Bloomberg

DATE: August 14, 2018

SNIP: It’s sinking in that Germany’s 500 billion-euro ($580 billion) push to promote renewable energy isn’t enough to meet its ambitious climate goals.

A look at key targets Germany wants to reach by 2020 by William Wilkes, Hayley Warren and Brian Parkin suggests shortfalls on all fronts, including reduction of greenhouse-gas emissions. That’s also a setback for Chancellor Angela Merkel, whose government developed a subsidy system for wind and solar farms that sparked a global boom in renewable technology.

The upshot: to keep the lights on, Germany may have to extend the life of the most polluting fossil-fuel plants and scale back future climate pledges.

Merkel’s political bet on renewables and her still-controversial decision to phase out German nuclear plants put her on the hook, particularly after President Donald Trump took the U.S. out of the Paris climate accord. Rising global temperatures, including this summer’s heat and drought in Germany, are adding to the pressure.

If Europe’s biggest economy, and a pioneer in the field, can’t make it, it’s a warning sign for heavy-industry countries such as China — and the world.

“Germany’s miss has bigger implications,” said Myles Allen, a climate change expert at Imperial College London. “The only thing that matters now is what we’re going to do on carbon capture. Without it, we won’t meet climate goals.”