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France Launches €1.35 Billion Clean Energy Program

France clean energy investment program

The French government announced a huge investment package for renewable energy last week, totaling €1.35 billion ($1.73 billion). The money is to be invested over the next 4 years.

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The program is called “demonstrateurs energies renouvelables et chimie verte,” which in English would mean “renewable energy and green chemistry demonstration.” It will include €450 million ($577 million) in subsidies and another €900 million ($1.15 billion) in low-interest loans for “cutting-edge technology projects.”

The emerging, cutting-edge technologies it would be supporting projects in solar energy, marine energy, geothermal energy, carbon capture and storage, and advanced biofuel.

This is quite a surprise, to me at least, since France has traditionally put so much of its “clean energy” money into nuclear energy and, to some extent, wind energy.

About €190 million ($244 million) is supposed to be invested by the end of the year, and then €290 million ($372 million) every year afterwards until 2014.

The French government is, reportedly, looking to get private investors to put in €2 billion ($2.56 billion) as well.

And, Bloomberg reports that beyond this clean energy investment program, the French government is looking to similar programs for green transport (a €1 billion or $1.28 billion program) and smart grid demonstrations (a €250 million or $320.5 million program).

I looks like France is aiming to up its green credentials quite a bit, and also diversify its green investment, to continue on its track as a leader in addressing two of the main causes of global warming — electricity generation and transportation.

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Photo Credit: FrenchSelfCatering.com via flickr

 
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Zach is tryin' to help society help itself one word at a time. He spends most of his time here on CleanTechnica as its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla [TSLA], NIO [NIO], Xpeng [XPEV], Ford [F], ChargePoint [CHPT], Amazon [AMZN], Piedmont Lithium [PLL], Lithium Americas [LAC], Albemarle Corporation [ALB], Nouveau Monde Graphite [NMGRF], Talon Metals [TLOFF], Arclight Clean Transition Corp [ACTC], and Starbucks [SBUX]. But he does not offer (explicitly or implicitly) investment advice of any sort.

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