The French government has launched a new tax credit system, the C3IV, in the hopes of encouraging companies around the country to embrace the energy transition and step up investments in green industry and technology.
The Green Industry Bill, which was adopted in October 2023 and came into effect on 14th March of this year, aims to “increase finance for the green industry, facilitate and accelerate the setup of new industries, and [promote the] development of brownfield sites” as well as boosting training for jobs in the field.
The overarching goal is to reindustrialise the nation and establish France a major player in green industry in Europe.
To help companies make the shift from traditional fuel sources to greener alternatives, and to encourage the financing of innovative projects that respect the environment, the government has announced a new tax credit, the C3IV, for companies who can demonstrate their willingness to embrace the transition.
The tax credits will be available to businesses investing in green technology, such as new-generation batteries, solar panels, wind turbines and heat pumps.
For complete information on the rate of the tax credits and caps per business type, click here.
It is hoped that uptake of the C3IV will generate €23 billion of investment and play a part in creating 40,000 jobs directly connected to the green industry by 2030, while also helping France reduce its CO2 emissions by 35 million tonnes.
According to government sources, 20 approval applications have been submitted to date for a total investment amount of €1.8 billion.
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Photo source: Serge Le Strat, Unsplash