Germany's Renewable Energy Sources Act takes effect

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The Erneuerbare-Energien-Gesetz comes into force, guaranteeing renewable generators grid priority and a fixed feed-in tariff for twenty years. Its significance for this Journey is not German emissions, which it changed modestly and expensively, but cumulative global production volume: by guaranteeing a market at a known price it created demand for photovoltaic modules on a scale that pulled the industry down its learning curve, and German consumers paid a substantial premium in doing so. The subsidised deployment of an expensive technology by one country is one of the clearest historical instances of a nation buying down a global cost curve — whether deliberately or not is a matter of interpretation.

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