Two French state-owned financial institutions, Bpifrance (French Public Investment Bank) and Banque des Territoires (“Bank of Territories”), which are affiliated to the Caisse des Dépôts group, have launched a €40bn climate plan for 2020-2024, which intends to accelerate the energy transition and support the development of renewables.
The two banks have set aside €14.9bn to improve the energy efficiency of 20 million m2 of business and local authority buildings and to renovate more than 500,000 social housing units. In addition, they budgeted €3.5bn for “green” mobility, to fund 11,000 “green” vehicles and 50,000 charging stations, and €1.5bn to “decarbonise” more than 1,300 industrial companies.
In addition, Bpifrance and Banque des Territoires intends to develop 8.8 GW of renewable power capacity in France and abroad, thanks to a €14.5bn credit facility for renewable energy developers. Bpifrance will double its investments in renewable projects to a total of €12.7bn, while the Banque des Territoires will spend €900min infrastructure investments over 5 years, including € 40 million to produce green hydrogen.
Finally, the two financial institutions will invest €5bn in "greentechs" and innovation projects.
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