According to German Chancellor Olaf Scholz, a climate-neutral economy is "the fundamental task of our century" and his nation is on track to becoming climate neutral by 2045, Azernews reports citing Euronews.

Germany's transformation toward a climate-neutral economy is taking on "an entirely new dynamic," Scholz said in a speech at the World Economic Forum Annual Meeting 2023. "We are resolutely pushing forward with the decarbonization of our industry."

The country's manufacturing sector will remain strong after its climate neutrality goals are achieved, he said.

Hailing the new German speed in building its new LNG (liquefied natural gas) import terminals, Scholz said his country apply such speed as the benchmark while pursuing the transformation of the economy as a whole.

By 2030, eighty percent of the country's electricity will be generated from renewable sources, doubling the current level, he said.

Germany will invest around 400 billion euros (about 432 billion U.S. dollars) for the expansion of renewables between now and 2030, said Scholz. "This turning point towards a climate-friendly industry is not the end of our industrial powerhouse, but a new start." (1 euro = 1.08 U.S. dollar)