Germany is first major economy to phase out coal, nuclear

German lawmakers have finalised the long-awaited phase-out of coal as an energy source, backing a plan that environmental groups say isn't ambitious enough and free marketeers criticise 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 ^40 billion ($45 billion) to help affected regions cope with the transition.

The plan is part of Germany's 'energy transition' — an effort to wean Europe's biggest economy off planetwarming fossil fuels and generate all of the country's considerable energy needs from renewable sources. Achieving that goal is made harder than in comparable countries such as France and Britain because of Germany's existing commitment to also phase out nuclear power by 2022 end.

“The days of coal are numbered in Germany,” Environment Minister Svenja Schulze said. “Germany is the first industrialised country that leaves behind both nuclear energy and coal.” Greenpeace and other environmental groups have staged vocal protests against the plan, including by dropping a banner down the front of the Reichstag building Friday.