France has announced it will be spending EUR500mn (~USD504mn) annually on tax credits for power generated from renewable energy sources, batteries and heat pumps. The funding to support the development and use of green technology will come from a new tax increase on fossil fuels. The plan is part of a bill that was revealed earlier this week and was announced by Finance Minister Bruno Le Maire. This new bill and the tax credits in it will make France the first country in the EU to make use of the looser European state aid regulations that took place in the last few months in response to the US Inflation Reduction Act (IRA).

Source: Carbonherald