France Prepares Green Industry Bill Echoing US Climate Law.
French Finance Minister Bruno Le Maire said he will be presenting the “green industry” bill soon in the event that Europe wants to stop companies getting lured across the Atlantic by billions of dollars in subsidies in the United States’ climate legislation.
The new law in France will bring changes to taxation and regulation in order to facilitate the creation of low-carbon production, said Le Maire. about France.
It will result in an incredibly eco-friendly industry in French soil by utilizing the production of hydrogen, electric batteries and nuclear energy, as well as renewable energy sources,” Le Maire stated. “The aim is for climate change to result in the re-industrialization of France.”
This US law, dubbed the Inflation Reduction Act, has led to a renewed demand for more state aid in Europe since governments are worried that high-tech, low-carbon industries could be lured to establish manufacturing in the Atlantic.
US reinstates Cuba visa program following the Havana syndrome scare
Le Maire is an active advocate of the law declaring in November that the US has shifted to the Chinese-style industrial policy, which is in direct opposition to the globalization norms.
Alongside Germany and Germany, as well as Germany, the French minister has said he’s working on the creation of a European variant of the US legislation to provide “bigger, faster and simpler” government aid for businesses.
The minister did not provide any details on the specifics of the bill, but will be presented to the president Emmanuel Macron in the coming days.
“At the heart of the French spirit, there has always been independence, sovereignty and the role of the state in the economy for the planning of big investment,” Le Maire explained.
“That means that this moment, when liberalized globalization is coming to an end, is an opportunity for the French nation.”