Despite the entirety of Europe collapsing into a tailspin of energy hyperinflation that has sent natural gas prices skyrocketing to the highest on record partly due to the continent’s obsession with enforcing a green agenda, French President Emmanuel Macron has ambitiously proposed that France becomes a leader in green hydrogen before 2030, and construct a series of nuclear reactors.
Macron’s proposed plan, dubbed “France 2030,” was unveiled during a campaign stop six months ahead of the country’s election, and is expected to cost €30 billion, or $47 billion. The investment proposal would go towards significantly decarbonizing France’s industrial sector, and increase innovation across domestic manufacturing, including energy, automotive, and biomedicine.
During his plan’s unveiling, Macron eagerly announced that France would build two major factories for the production of green hydrogen, a smaller-sized nuclear reactor, a low-carbon plane, and new electric vehicles— all before the year 2030. “We must wage the battle of innovation and industrialization at the same time,” Macron told the audience, adding that “We need a country that produces more.”
Some other objectives of the plan include investments towards domestic semiconductor manufacturing, as well as boosting innovation across the country’s healthcare sector, with a focus on biomedicine. The proposed €30 billion investment would be directed towards smaller startups as well as established manufacturers, and would follow France’s previous €100 billion recovery plan that was aimed at weathering the Covid-19 pandemic, despite promoting a significant number of green energy policies.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.