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Title: Austria To Nuke 20% Of Green Subsidies In $6.5 Billion Savings Plan
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URL Source: https://www.zerohedge.com/geopoliti ... sidies-65-billion-savings-plan
Published: Jan 18, 2025
Author: Tyler Durden
Post Date: 2025-01-18 07:48:14 by Horse
Keywords: None
Views: 414
Comments: 1
Austria is set to eliminate roughly 20% of all subsidies related to climate change initiatives, as negotiators trying to form a nationalist- conservative government seek to avoid a budget reprimand from the European Union, Bloomberg reports. Solar panels at the Natural History Museum Vienna The EU's so-called 'excessive-deficit' procedure would limit Austria's budget independence, according to a Thursday statement from Freedom Party representative Hubert Fuchs. As part of a €6.4 billion ($6.58 billion) budget saving program for 2025, the government would cut €1.6 billion of payouts compensating households for a carbon tax, and slash about €500 million in subsidies introduced to help the economy adopt emissions-free technologies. The government would also eliminate tax incentives to buy electric vehicles and install solar panels, as coalition negotiators seek €435 million in additional dividends from state holdings that include a minority stake in energy company OMV AG. Most of the measures on the chopping block were introduced by the previous conservative-green government, however with Austria's economy in its longest recession since World War II - and may contract again in 2025 if budget steps hurt growth, according to the Wifo research institute. Meanwhile, Austria's Fiscal Advisory Council anticipates needing to slash costs by more than €12 billion by 2028, which comes as Fitch lowered Austria's AA+ rating to "negative" on Jan. 10, pointing to political instability and persistent deficits which exceed the EU's 3%- of-output limit. 
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