Royal announces $13.4bn fighting fund to grow renewables in France

The French environment minister, Segolene Royal, has announced that around $13.4bn is to be garnered from tax credits and low-interest loans to help grow France’s energy efficiency and renewable generation capacities.

Royal made her comments on French television as the cabinet continues to assess the legislation for the country’s new energy law, due to commence its way through parliament in September.
Segolene Royal
The French government is attempting to reduce its dependency on nuclear power down from a present proportion of 75 per cent to 50 per cent in the next decade. Other goals set out in the law include lowering emissions by 2050 and getting 32 per cent of energy from clean sources such as wind and solar by 2030, up from about 14 per cent in 2012.

State-owned nuclear utility EDF (Euronext:à‚ EDF) is to have its nuclear capacity capped at the present level, while Royal confirmed the company’s oldest atomic plant, Fessenheim, will shut.

In the lead-up to the law’s publication, advocates of atomic power such as EDF have relied on models forecasting a significant increase in electricity demand and economic growth to justify keeping reactors running. Royal has said she wants power consumption to decline through increased efficiency.

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