Germany tops HSBC ranking of countries best prepared for decarbonisation
Germany is very well-placed for the low-carbon transition, given its particularly large cleantech industry and strong policies, writes British multinational financial services company HSBC in a report. The country tops the ranking from May 2019 on how well countries are prepared to deliver on decarbonisation and build resilience to the potential physical disruption associated with a warming planet. Germany “has a raft of policies and targets in place which, if achieved, can support a continued shift away from carbon”, the report says. Other high-ranked countries include Sweden, Austria, France, Denmark and the United States.
Germany's is bidding farewell to nuclear energy, expanding its renewable energy sources and working to make its economy virtually climate-neutral by mid-century – a process known as the “Energiewende”. As an early starter that beagan to implement renewables at a greater scale in the early 1990s, Germany’s energy transition has been watched closely for the valuable lessons it provides on weaning a major economy off fossil fuels.