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The German Green Party鈥檚 chancellor candidate, Annalena Baerbock, has refined her party鈥檚 proposal to introduce so-called Carbon Contracts for Difference (CCfD) to help industrial companies switch to climate-friendly production. These contracts would be the key element of a 鈥減act between industry and politics,鈥� writes Baerbock聽. 鈥淚n the future, it will not be enough to 'just' develop the best cars, the best power plants or the best robots in the traditional sense," she writes. 鈥淐entral to inventions, new products and services are their contribution on the path to climate neutrality.鈥� The party has already included the call for CCfDs in its election programme,聽which was decided last week.

聽are聽intended to provide companies聽鈥撀爀specially those in CO2-intensive industries聽like metals, chemicals or construction materials 鈥撀爓ith聽the planning security they need to switch to climate-neutral production.聽The state would set up long-term 15-20-year contracts, writes Baerbock, in which it promises companies to bear the additional costs of聽CO2聽emissions reductions that exceed the level of the current price for聽CO2聽allowances in EU emissions trading (EU ETS). CCfDs pay out the difference between the price of emissions allowances in the ETS and the contract price, thus effectively ensuring a guaranteed carbon price for the project. In exchange for this insurance, investors are liable for payment if the carbon price exceeds the contract鈥檚 strike price.