German cabinet passes climate fund booster with 60 billion euro extra budget

German Chancellor Olaf Scholz wears a face mask as he attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, December 13, 2021. Michael Sohn/Pool via REUTERS

BERLIN (Reuters) - Germany's new government passed a supplementary budget on Monday to supercharge its climate and transformation fund with a debt-financed injection of 60 billion euros to allow more investments in the shift towards a green economy, officials said.

The supplementary budget, passed unanimously by Chancellor Olaf Scholz's cabinet, will channel 60 billion euros of unused debt in this year's federal budget into the government's climate and transformation fund for future spending.