GERMAN STANDORT UNDER F. MERZ: FROM «GREEN» EUPHORIA TO A REVISED CLIMATE POLICY COURSE

The article analyzes the transformation of climate and energy policy in the Federal Republic of Germany following the formation of the coalition government led by Friedrich Merz in 2025. Special attention is paid to the critical re-evaluation of the legacy left by the «traffic light» coalition, particularly the strategies implemented during the chancellorship of Olaf Scholz and the tenure of Robert Habeck as head of the Ministry for Economic Affairs and Climate Action. The article highlights the ambitions and limitations of the «green» Energiewende model, including its hydrogen and «heating» dimensions, and focuses on systemic challenges related to energy market fragmentation, renewable energy logistics, and rising electricity prices for industry. Based on official documents, reports, and the policy decisions of the new government, the study explores the shift toward a more pragmatic and technologically grounded climate agenda. Particular attention is given to the revision of climate project financing mechanisms, including the restructuring of the Climate and Transformation Fund, the partial integration of its objectives into the new Infrastructure Fund, and financial concessions made to Green Party representatives during the 2025 budget reform. The article concludes that Germany is moving away from an ideologically driven model of energy transformation toward a policy of limited revision, adaptation, and industrial rescue.