Germany will have three main challenges once Chancellor Merkel leaves after the September election, analysts at Goldman Sachs said Friday.
Germany has put in place some of the most ambitious climate targets in Europe, seeking to cut its greenhouse gas emissions by 65% from 1990 levels by the end of this decade. The 27 EU nations together vowed to reduce emissions by 55% over the same period.
It comes at a time when policymakers are under intensifying pressure to deliver on promises made as part of the Paris Agreement ahead of, due to be held in Glasgow, Scotland in early November. Yet, even as politicians publicly acknowledge the necessity of transitioning to a low-carbon society, hopes of limiting global warming — and meeting a crucial global target — are quickly deteriorating.
Germany's climate plan will demand effective action in helping the most vulnerable sectors and workers to make sure they are not marginalized and that they support the move to a carbon-neutral society. In France, for instance, when the government tried to raise fuel taxes in late 2018, the move trigged a massive backlash that led to the so-called "yellow vest" movement.
Germany has become Europe's economic powerhouse thanks to its exports. In 2019, exports reached an all-time-high of 1.33 trillion euros . This number dropped to 1.21 trillion euros in 2020 amid the Covid-19 pandemic, according to data from its national statistics office. There are concerns that recent issues over supply-chains, calls for protectionism, the U.K.'s departure from the EU and an overall stagnating level of global trade will all hamper German exports going forward.
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