France's Electrifying Future: A 2030 Vision

France will invest up to 10 billion euros annually until 2030 to shift from oil and gas to electricity, doubling current support. The initiative aims to reduce reliance on imported energy and includes plans like boosting electric vehicle use, modernizing home heating, and increasing domestic energy production.

France is set to invest up to 10 billion euros ($11.72 billion) annually through 2030, aiming to transition from oil and gas to electricity. This move will double current government support, Prime Minister Sebastien Lecornu announced on Friday.

The initiative involves increasing electric vehicle usage and modernizing heating systems in homes, with the goal to reduce dependency on imported energy following disruptions caused by the war in Iran.

France seeks to replace 85 Terawatt-hours of gas consumption with domestic electricity by 2030. It also plans to install one million heat pumps annually and halt new gas boiler installations in new homes starting next year.

(With inputs from agencies.)