Green energy transition cost "no horror scenario"

While switching from traditional energy sources to green ones does involve financial cost, there would be no "horror scenario" with regard to prices, Minister-President of the German state of Baden-Wurttemberg Winfried Kretschmann said on Friday. Addressing an event organized by the German Chamber of Commerce in Vienna, Kretschmann said energy prices rise over time regardless. He stated that energy transition -- a process involving a move to greener, more sustainable forms of energy -- brings not only ecological but also economic advantages, having added 20,000 full-time jobs in Baden-Wurttemberg. Dieter Hundt, president of the German Chamber of Commerce in Austria, said German business supports energy transition but that its implementation was rushed and not properly coordinated on a European scale. Hence, the switch cost 0.1 percent to 0.2 percent of economic growth, the Austrian Press Agency reported.