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France unveils $35 bn revival plan
Part of: Prelims and GS II – International Relations and GS-III – Economy; Environment
Context French President has unveiled a five-year, €30 billion ($35 billion) investment plan for developing innovative technology and industrial activity.
Key takeaways
- The goal of the state-funded France 2030 plan is to boost France’s economic growth over the next decade amid growing global competition with China and the U.S.
- The plan includes €8 billion to develop energy technology that would help reduce greenhouse gas emissions.
- The funding would finance the building of small, modular nuclear reactors in France, which relies on nuclear power for 70% of its electricity.
- The plan calls for €4 billion to be used to develop about 2 million electric and hybrid cars by the end of the decade.
- France will invest in building its first “low-carbon plane” by 2030.
- The plan also provides money to develop by 2026 a reusable launch system to propel spacecraft.
Carbon-neutral Economy
- EU leaders have agreed that nuclear energy could be part of its commitment to making its economy carbon-neutral by 2050, giving member countries the option of using it in their national energy mixes.
- However, Germany and some other countries argue that nuclear power should not be included in plans to finance greener energy because it requires mining and long-term storage of radioactive waste.
- France has vowed to become “the leader of green hydrogen” power by 2030
- Green hydrogen is a form of energy which does not emit carbon dioxide and can be used in industries such as steel and chemical manufacturing that currently rely on fossil fuels.
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