A new investment program announced by the French government will invest €1.35 billion into renewable energy and green chemistry over the next four years.
The funding support, coming in the form of subsidies and loan guarantees, will accelerate over the years, eventually reaching €290 million/year by 2014. The program aims to attract an additional €2 billion from private investors and other research groups.
France’s extensive use of nuclear-fired plants has contributed to the country’s claim to 90% low carbon electricity. However, President Sarkozy’s administration is furthering efforts to develop renewable energy sources such as solar and wind. The new funding will also support sustainable transportation initiatives and smart grid technology developments.