According to a report published in 2020 by the Global Alliance for Tax Justice, corporate ‘profit shifting’, a.k.a. ‘tax avoidance’, cost countries $620 billion in lost tax revenue in that year alone. Nowhere is this kind of behaviour more evident than in the operations of the global fossil fuel industry.
“The GigawattFactory combines innovative storage solutions, green hydrogen and future-proof power plants and makes environmentally friendly energy available as a secure service – this is a whole new quality in energy supply,” said LEAG CEO Thorsten Kramer, presenting the plan at the East German Energy Forum in Leipzig. “This will make us a pioneer in the safe energy transition.” The project will also be a powerful job engine for eastern Germany and help make energy affordable again, Kramer added.
Photovoltaic and wind power turbines will also be installed in LEAG’s former mining sites. The 7 GW hub will be able to supply four million households with green energy, said the company.
A group of 77 companies took $8.2 billion, and almost all cut jobs.
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