Germany is first major economy to phase out coal and nuclear

German lawmakers have finalized the country’s long-awaited phase-out of coal as an energy source, backing a plan that environmental groups say isn’t ambitious enough and free marketeers criticize as a waste of taxpayers’ money. Bills approved by both houses of parliament Friday envision shutting down the last coal-fired power plant by 2038 and spending some $45 billion to help affected regions cope with the transition.

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