Bank allocates $6.8bn for French renewable projects

Wind power

A French state bank is to significantly boost renewable power in the country after setting aside €5 billion ($6.8 billion) for green projects.

Caisse des Depots et Consignations, a French state bank, is providing the funding in line with President Hollande’s goal of boosting renewable power and shrinking France’s reliance on nuclear power.
Renewable power
France seeks to raise the share of renewable energy France uses to 32 per cent by 2030, compared with about 14 per cent in 2012.

Half of the money will go toward making buildings more energy efficient, €2 billion for clean transport and €500 million for renewable-energy production, Pierre Ducret, head of the lender’s environmental unit CDC Climat, told Newsweek.

The funding is among initiatives pledged by banks including Credit Foncier de France and Societe Generale SA (GLE) for loans related to the proposed energy law. Legislation unveiled on 18 June seeks to promote the growth of renewable power such as solar and wind, and reduce energy waste from buildings and transportation.

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