German government's environmental plans may cost 500,000 jobs - ThyssenKrupp CEO

Forbes, June 29, 2007

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By Maria Sheahan

FRANKFURT (Thomson Financial) - ThyssenKrupp AG's chief executive Ekkehard Schulz said the German government's plans to reduce emissions and exit nuclear power production may result in up to 500,000 jobs being lost as energy-intensive industries relocate abroad, according to Sueddeutsche Zeitung.

The government's aim of reducing carbon dioxide emissions by 40 pct by 2020 are 'illusory,' Schulz told the newspaper.

'Excessive regulations can have serious consequences for Germany's economy,' he said.

He said the government should take into account the reasonable doubts of the country's industrial players on the costs of shutting down nuclear power plants and reducing emissions.