The French government approved its long-awaited Energy Bill last week, amidst predictions the wide-ranging legislation could mobilise up to €10bn of investment in clean technologies.
The cabinet approved the proposed bill last Wednesday, clearing the way for it to go before parliament this autumn.
The bill includes a host of new targets designed to slash emissions from France's energy sector, reduce its reliance on nuclear power, and accelerate investment in renewables.
Specifically, the bill proposes a target to cut greenhouse gas emissions 75 per cent by 2050 and more than double renewables share of the energy mix from around 12 per cent in 2012 to 32 per cent by 2030.
The legislation will also aim to boost the electric car sector by offering significant grants to motorists who switch to electric cars, encouraging the public sector to purchase zero emission vehicles, and installing a national network of charging stations.
Most significantly, the bill proposes a series of new tax breaks and zero-interest loans to help drive investment in clean energy and energy efficiency measures.
Speaking to reporters, Environment Minister Segolene Royal said the new package would mobilise around €10bn of investment and create thousands of jobs, adding that it was the "most ambitious" clean energy transition "in all of the EU".
"What is important is to use our imagination," she said. "What we have done is financial engineering."
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