France to offer new tax credit for business investments in green technologies

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. The measure, due to be included in next year's budget, is expected to generate private investments totalling 20 billion euros by 2030 and create tens of thousands of jobs.

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.

The measure, due to be included in next year's budget, is expected to generate private investments totalling 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.