France has passed a financial bill to invest an additional €10 billion ($10.5 billion) in its energy transition. The new funding will be invested in several sectors from energy production to green mobility, Kallanish learns from the government.

The mechanism has been designed to accelerate the battery electric vehicles’ uptake, as well as the charging infrastructure and the development of a green hydrogen value chain. This comes in addition to the country’s financial bill for 2024 announced in March to support the French economy.

“This unprecedented effort by the State allows us to be ready to deploy a roadmap [for energy transition] by meeting the crucial challenges of transport, energy, housing, biodiversity and water,” the ministry of ecological transition says in a note obtained by Kallanish.

About €800 million will be spent on green public and private transport and transport infrastructure. The new plan increases aid for “green vehicles” and strengthens support for the purchase of electric vehicles, while also providing a leasing system for EVs at €100 per month for low- and middle-income households. Investment will also be available for the deployment of national infrastructure.

The ministry will also implement a support mechanism for hydrogen production, investing €700m in 2024. This adds to the €4 billion earmarked for low carbon and green hydrogen projects for 2024, announced in August by the minister of the energy transition Agnès Pannier-Runacher (see related story).