Top Posts
Death toll from Mokwa flood rises to 153
Scientists say nearly 40% of the world’s glaciers...
Nigerian government seeks alignment of NDC climate action...
German court dismisses climate case against RWE
WHO Climate Change action plan approved
Report: World likely to breach 1.5°C limit in...
At Bonn climate talks, Brazil demands early deals...
Researchers warn Africa could face 113 million climate...
LAPO MfB launches tree-planting initiative to fight climate...
Stiell says new NDCs are about growth, antidote...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

French lawmakers propose tax credits, subsidies for green industry

by Segun Ogunlade April 4, 2023
written by Segun Ogunlade April 4, 2023
545

France could offer tax breaks and subsidies for producing climate friendly technologies in the country, proposals from French lawmakers preparing a green industry bill on Monday has shown.

The government is concerned that its companies could fall irrevocably behind U.S. rivals, boosted by the Biden administration’s $430 billion Inflation Reduction Act and as such continues its scramble to adopt more low-carbon.

Finance Minister Bruno Le Maire has tasked a group of lawmakers and business leaders to come up with proposals to keep French firms competitive and reverse a long-term disindustrialisation trend in the country in order to ensure it keeps up its competition with the US.

Presented on Monday, the proposals included plans for tax credits and subsidies depending on the size of a company’s investment or how much it produces in France.

Read also:PM seeks bolster regional, global efforts to mitigate climate change damages

The measure could be offered as an advance payment to ensure the money flows quickly and would target producers of batteries and critical metals, electrolysers, heat pumps, next-generation nuclear plants, photovoltaic and wind generators, carbon capture and storage technologies, semiconductors and electricity networks.

“Now is the time to find financing and invest. So we want to put public money on the table,” Le Maire told a conference where the proposals were presented.

“We want to look at tax credits as a way to speed up the investments.”

The proposals would be financed by reducing favourable tax treatment that some polluting industries currently have access to, but that would be after it had been subjected to a public consultation and brought to parliament this summer as a legislation.

In particular, a tax break on fuel consumption, which currently benefits the airline and shipping industry, could be reduced and tax on highly polluting car models could be raised further, the proposals said.

The lawmakers, business leaders and a finance ministry official said the exact amounts and scope would be hammered out in the coming months when the bill is prepared.

Story was adapted from Reuters.

EnvironmentFrance
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Flooding: Residents of Abuja embark on clearing of drains
next post
UN to start taking deep-sea mining applications this July

Related Posts

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

At Bonn climate talks, Brazil demands early deals...

May 23, 2025

Guterres raises alarm over rapid Himalayan glacier melt

May 17, 2025

Study shows two-thirds of global warming caused by...

May 8, 2025

Weather expert warns climate change to hit agriculture...

May 5, 2025

Trump dismisses authors of major climate report

April 30, 2025

New UN report shows Indigenous Peoples sidelined in...

April 25, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World