French government 30 billion EUR supports green energy to stimulate economic recovery

Published: Sep 15, 2020 15:41

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[French government 30 billion EUR supports green energy to stimulate economic recovery] France recently announced a 100 billion yuan economic stimulus package to recover the economy from the damage caused by the COVID-19 pandemic. As part of the economic recovery plan (France Relance), the government has allocated 30 billion ou for the green energy sector.

SMM News: France recently announced a 100 billion yuan economic stimulus package to recover the economy from the damage caused by the COVID-19 pandemic. As part of the economic recovery plan (France Relance), the government has allocated 30 billion ou for the green energy sector.

The 100 billion ou stimulus package, with a total investment of 1/3 of France's annual budget, will focus on energy innovation in the transport, construction, agriculture and power sectors to achieve sustainable growth.

According to the announcement, the government will invest 2 billion ou yuan to expand the green hydrogen industry to achieve carbon neutralization by 2050. The money will be used to assist the company in implementing projects related to hydrogen solutions and building a hydrogen industry.

As part of the recovery plan, the government will invest 4 billion ou yuan to finance the upgrading of energy systems in public buildings, thereby reducing the country's overall greenhouse gas emissions. Over the next two years, France will also invest about 2 billion ou to upgrade the energy system of the country's private buildings.

The government announced that it would allocate 1.2 billion ou yuan for decarbonization in the industrial sector, which accounts for nearly 20 per cent of the country's total greenhouse gas emissions. The investment will be used to support the industry to increase its investment in equipment with less carbon emissions.

In addition, the government will provide 1.2 billion ou yuan for domestic green infrastructure and transportation projects to develop transport projects and public transport services that can reduce greenhouse gas emissions.

French data and Statistical Research said in its latest report that the country added 379 megawatts of solar capacity in the first half of 2020. These new devices are mainly concentrated in the south of the country, with a cumulative total of 10.3 GW installed in France by June 2020.

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