German municipalities invest €12.5 billion 'to boost renewable energy'

Germany has announced its municipalities will put money into improving the country's renewable energy industry.

Over €12.5 billion (£10.5 billion) is expected to be invested in clean energy projects over the next few years, which will transform how cities and town's receive their electricity supplies.

According to Bloomberg Businessweek, Germany's environment minister Norbert Roettgen said: "Energy in 2050 won't be the oligopoly it is today.

"Municipal power plants are an important component of the transformation to just about 100 per cent renewable energy by 2050."

The money will be put in energy-efficient initiatives to reduce the amount of heat and power generated in Germany by non-renewable methods.

Changes to the country's environmental legislation could also be in store as a new energy strategy is being formulated by the government and is expected to be heard after the summer.

This comes after the UK's Green Investment Bank Commission recently said that Britain would require an investment of £550 billion in order to reach renewable energy targets by 2020.

Posted by Lauren Steadman