The French government is planning on investing about 20 billion euros in an energy transition plan. This multilevel investment plan’s breakdown includes 9 billion euros for improved energy efficiency, 7 billion for renewables, and 4 billion to bring on the change to more environmentally friendly vehicles.
Drafted by an economist Jean Pisani-Ferry and submitted by Prime Minister Edouard Philippe this past Monday, this environmental investment plan is a component of a larger 57 billion-euro investment plan subject to operate from 2018 and end in 2022.
The government stated that buildings are responsible for at least 20 percent of the greenhouse gas emissions. The goal of the thermal insulation program is to focus on low income housing and government buildings. This program has been valued at 9 billion euros. Aiming at financing renovations of 75,000 residences annually, or 375,000 over the government’s five-year term.
“The number of badly insulated low-income housing and social housing will be divided by two, and a quarter of government buildings will be renovated in line with environmental norms,” stated by the government.
To grow the French renewable energies, the government plans to invest 7 billion euros, which is anticipated at 70 percent over the five-year period. Investments also incorporate research and improvement to contest climate change. This will also bring France’s transition to low carbon and greater energy efficiency on more quickly.
The transportation industry in responsible for one third of greenhouse gas emissions. The plan for the transportation industry is to provide 4 billion euros into the switch of vehicles that will contribute less pollution. Divisions will concentrate on the road and railway system, improve local transport associations and assist low income households to exchange older polluting vehicles for more environmentally friendly models.
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