France announces €100bn Covid-19 recovery package with money for hydrogen, power efficiency

4 September 2020 (Last Updated September 4th, 2020 14:00)

French prime minister Jean Castex has announced $118bn (€100bn) of spending over two years to help the country out of a Covid-19-induced slump.

At a press conference, Castex said the plan was “the largest recovery plan announced in Europe”. Details of the “Relaunch France” plan have not yet been given, but the outline includes $35.5bn (€30bn) of funds to encourage a “greener economy”.

Hydrogen projects will receive $2.37bn (€2bn) of funding, and the same amount will go toward initiatives encouraging drivers to switch to less-polluting cars.

Approximately $10.66bn (€9bn) will assist industry in decarbonising, in line with France’s sated goal of reaching net-zero emissions by 2050.

Public and private buildings will receive $8.29bn (€7bn) of funds to become more power efficient.

The total funds represent more than 4% of the country’s annual GDP, making it one of the proportionately largest recovery packages announced.