Objective: to reindustrialize France. Emmanuel Macron unveiled this Thursday, May 11, a series of measures intended to “accelerate” reindustrialization, which he considers “the mother of battles”. It will also make it possible to “create purchasing power” and to “stop the dropout of this France of the territories”, he launched at the Elysee Palace in front of the actors of French industry.
The government therefore proposes to invest 700 million euros in training for industrial trades, to set up simplified procedures for new industrial establishments, but also to create a “tax credit for green industry “. It will aim to support investments in energies considered to be green. This measure, taken in reaction to American protectionism and its Inflation Reduction Act (IRA), should trigger “20 billion investments on the national territory by 2030” according to Emmanuel Macron. Be careful though: the tax credit will only apply to specific sectors. L’Express takes stock of the winners and losers.
Renewable energies, big winners
The tax credit will relate to “technologies identified by European texts”, said Emmanuel Macron. Investments in the sectors of wind power, batteries, heat pumps and solar panels will therefore be concerned. “They were targeted because the aid measures announced Thursday must be integrated into European standards and priorities”, analyzes for L’Express Jacques Percebois, economist specializing in energy. “The essential points are really the wind power and the batteries.”
The tax credit will appear in the bill on green industry expected this May 16 in the Council of Ministers. For the moment, no details have been provided on its total amount, or on the shortfall in taxes. “We are talking about a credit which could represent 20 to 40% of the efforts, so the discount is quite significant”, notes Jacques Percebois.
Nuclear, big loser
A time mentioned, there is finally no question that the new generation nuclear can be the subject of the tax credit. “That doesn’t mean that France won’t support nuclear power,” says Jacques Percebois. “But that means that national aid will be needed, because Brussels will not pay direct aid”. And since the measures announced on May 11 must comply with European standards, nuclear power cannot be part of it.
This energy had however received the “green label” from the European Commission in 2022. It is now considered essential to fight against climate change, in the same way as gas or renewable energies. But it is still far from being unanimous within the EU. If Emmanuel Macron has expressed the wish to relaunch the sector in France, “the Germans are very anti-nuclear”, recalls Jacques Percebois. They therefore oppose financial support for this branch at European level.
Another loser: carbon storage, which will also not be affected by the tax credit. Many specialists do not consider it a priority, especially since there are uncertainties about this technology. “Finally, it is a sector which is mainly developed by oil companies”, indicates Jacques Percebois. “So they have enough money to invest on their own.” The tax credit will also not apply to semiconductors, which have already been the subject of several aids. To meet its carbon neutrality objectives, the French government estimates that industry must reduce its emissions by 50% by 2030.