PARIS (Reuters) – The French government will offer a new tax credit covering business investments in wind and solar power, heat pumps and batteries as part of a green industry push, President Emmanuel Macron said on Thursday, May 11.
The measure, due to be included in next year’s budget, is expected to generate private investments totaling 20 billion euros by 2030 and create tens of thousands of jobs.
Macron’s government wants to fire up investment in environmentally friendly technologies so that France does not fall behind the United States as Washington makes huge tax subsidies available to companies through its Inflation Reduction Act.
Macron also said that a green industry bill will be presented next Tuesday, including plans to ramp up investment in training and halve the time it takes to set up a new factory in France.
He added that French state aid for the purchase of electric vehicles will be reserved to those made in Europe.
(Reporting by Marine Strauss, Leigh Thomas; Editing by Benoit Van Overstraeten, Kirsten Donovan)
French President Emmanuel Macron speaks during a conference titled ‘Accelerer notre reindustrialisation’ (Speed Up our reindustrialization) with some representatives of French industry at the Elysee Palace in Paris, France, 11 May 2023. YOAN VALAT/Pool via REUTERS