Germany to slash climate fund by $34 billion through 2030 as part of an effort to reduce spending

Germany plans to cut $34.2 billion from its climate and transformation fund through 2030. Those resources will be shifted to the federal government as Chancellor Friedrich Merz's administration looks to consolidate public spending.

The climate and transformation fund provides, among other things, subsidies for heat pumps and electric cars. Under the cuts, these subsidies will only be available to lower-income people, Bloomberg reported...