France's Ambitious Leap to Electric Future: Doubling Support to 10 Billion Euros Annually

France is set to bolster its transition from fossil fuels to electricity with a state-supported investment increase to 10 billion euros annually. Prime Minister Sebastien Lecornu emphasized the push for electric vehicles and modern home heating to reduce reliance on imported energy amidst global conflicts.

France is poised to significantly enhance its commitment to a future driven by electricity rather than fossil fuels. Prime Minister Sebastien Lecornu announced on Friday that the nation will double its state support to 10 billion euros annually until 2030. This substantial financial injection aims to aid in the transition from oil and gas to electricity.

A central strategy includes the adoption of electric vehicles and the modernization of home heating systems. This shift is intended to reduce France's dependency on imported energy, a fragility highlighted by the Iran war's impact on oil and gas shipments via the Strait of Hormuz. Currently, 60% of France's energy consumption comes from imported fossil fuels, despite domestic electricity being significantly cheaper.

To address this, France plans to install an additional million heat pumps annually until 2030 and will prohibit the installation of new gas boilers in newly constructed buildings starting next year. By 2050, 2 million social housing units are expected to transition from gas heating. Furthermore, France aims for two-thirds of new vehicles to be electric by 2030, supported by a social leasing program that includes 100,000 EVs for low-income drivers and those with long commutes.

(With inputs from agencies.)