Opportunities to invest in “green growth”

France’s “Green New Deal”

Opportunities to invest
in “green growth”1
In response to the environmental and economic challenges of global
warming, France initiated the “Grenelle”2 Environment Round Table Talks in
Fr a n c e ’s “ G re e n N e w D e a l”

July 2007, thereby actively committing itself to the task of developing a

competitive and “sustainable” economy.

Following in-depth consultation with all the France has set aside 21% of the funds available
players involved with sustainable development, under its economic stimulus plan to promote
2009_08

a comprehensive action plan has now been “green growth”. According to a report in January
developed and embodied in two successive 2009 by the British bank HSBC examining
government bills: around twenty such plans throughout the world,
1 > The “Grenelle I” planning bill (August 3, 2009),
this places France ahead of Germany (which,
at 13%, is the second-leading country in the EU
relative to the implementation of France’s “Green New
in terms of “green” stimulus plans)
Deal”;
W h a t Fr a n c e h a s t o o f f e r

and the UK (7%). France seeks to

Key figures
> The “Grenelle II” enforcement bill, which will be remain a global leader in carbon-
submitted to Parliament this autumn.
. €460bn of
free energy supply by maintaining investments
its lead in nuclear power and by by 2020
This action plan is in line with the European
expanding its renewable energy . 23% share of
sustainable development strategy3 : the “Energy-
capacity. An additional €1 billion renewable
Climate” package adopted at the end of 2008
have been released to keep France energies in energy
under the French presidency of the European
at the leading edge of innovation. consumption
Union established a “20-20-20” target for the
Over the next 3 years (2009-2011), by 2020
year 2020: a 20% reduction in greenhouse gas
these funds will be used to complete (vs. 10% in 2009)
research projects - relating notably . Almost €1bn for
(GHG) emissions, a 20% improvement in energy
efficiency and a 20% share of renewable energies
to energy and renewable energies the “renewable
in EU energy consumption. As such, the
- under the framework of the “Green heat production”
measures adopted following the “Grenelle” fund
New Deal”, and to develop new
Environment Round Table Talks introduce no
innovation clusters dedicated to
. €0.60/kWh:
further statutory constraints than in other EU an extremely
“eco-technologies”. attractive feed-in
countries.
tariff for
photovoltaic
(1) This paper summarizes the main measures adopted under the “Grenelle I” planning bill no. 2009-967 of August 3, 2009. The business
opportunities and market growth prospects are based on reports issued by Xerfi ("Le Grenelle de l’Environnement: secteurs mobilisés et nouveaux electricity
contextes concurrentiels” - March 2009) and the Boston Consulting Group (“Réflexions sur le portefeuille de mesures Grenelle Environnement” generated by
- June 2009).
building-
(2) The term “Grenelle” was chosen in reference to the May 1968 “Grenelle agreements”. These agreements were concluded following negotiations
held at the French Labor Ministry, which was located at the time on "Rue de Grenelle" in Paris. They contained a series of exceptional measures integrated solar
that put an end to the widespread social unrest in France in that year. panels.
(3) The following are covered by European directives: water and waste management (Waste Framework Directive – Nov. 2008), greenhouse
gas emissions, use of energy from renewable sources, energy efficiency, CO2 capture and storage (Energy-Climate package – Dec. 2008: 4
directives (2008/13 to 16) + directive 2009/28), and pollution by exhaust gas emissions (Regulation no. 715/2007 on the Euro 5 and Euro 6
standards – taking effect in Sept. 2009 and 2014).

www.investinfrance.org
 Opportunities to invest in “green growth”

The main projects defined by the “Grenelle” Talks means-tested and it is capped at €30,000 per dwelling
(in the construction, transport, energy and waste and €300 per square meter of living space. The
management sectors) will have a decisive impact implementing decrees specifying the “obligatory”
on economic growth and the environment: renovation work to be undertaken by property owners
receiving the loan were published in March 2009.
>>They will require almost €460 billion of investment A subsidized loan, known as the “social housing
by 2020. 40% of the funds will be provided by the eco-loan” is also available to improve the energy
French government and local authorities. 600,000 performance of social housing;
new jobs should be created as a result;
>>A 5.5% VAT rate on installation, “None of France’s
>>France’s attractiveness will be enhanced in the maintenance and renovation work in main economic
medium term, thanks to the growth in structural partners or of
housing (scheme extended until at least
investments under the “Green New Deal” the world’s major
December 31, 2010); industrialized nations
(infrastructure, research, the development of leading-
>>Tax credits, including the “sustainable have developed
edge industries, etc.);
development tax credit”, enabling house- an economic
>>Greenhouse gas emissions will be 24% lower stimulus plan that
holds to deduct part of the cost of energy focuses as strongly
by 2020. improvement work from their income tax on sustainable
Fr a n c e ’s “ G re e n N e w D e a l”

France’s commitment to “green growth” will bill (up to 50% for photovoltaic panels development as
create numerous investment opportunities for and 40% for wood-burning stoves, for France’s does. […]
French and foreign companies. example). These measures, which have France is more
been extended until December 31, 2012, involved in financing
will be refocused on the most efficient “green” measures
than either the United
Buildings and housing, equipment; States or Germany”,
a core subject >>Incentive schemes for the purchase of claims the Boston
2009_08

Consulting Group
at the “Grenelle” Talks “low-consumption” housing: the tax
(“Réflexions sur
crediton interest payments will now be
Buildings and housing currently generate 18% extended from 5 to 7 years for people buying
le portefeuille de
2 of greenhouse gas emissions4. The Building Plan mesures Grenelle
a “low-consumption” property. The credit Environnement”,
defined at the talks seeks to put an end to energy-
will be boosted to 40% throughout the June 2009).
intensive buildings and cities, through the
W h a t Fr a n c e h a s t o o f f e r

period, as opposed to 20% in the original

thermal renovation of existing buildings and
the construction of energy-positive buildings.
Almost half of the funds allocated under the
“Green New Deal” will be allocated for spending
under this plan (i.e. €208 billion).
Objective:
Cut the energy consumption of existing buildings
by at least 38% by 2020.
Measures:
>>An interest-free “eco-loan” for thermal renovation
of private properties. This eco-loan can be combined
with tax credits under certain conditions. It is not
Photo: Bernard Suard - MEEDM
scheme;
>>The “low-consumption” standard 5 will come into
effect at the end of 2010 for new public and tertiary
buildings, and by 2012 for new housing. The thermal
renovation of existing public buildings should be under-
way by 2012. The “positive energy building” standard 6
will be enforced from the end of 2020.
Innovation clusters:
Advancity (Ile-de-France), Derbi-Renewable Energy
in Construction (Languedoc-Roussillon), Génie
civil Ecoconstruction (Civil Engineering - Eco-
construction, Pays de la Loire).

Requalification of a housing block

in an HQE (High Quality Environment)
(4) CITEPA, June 2009.
neighbourhood in Courtry, near Paris. (5) Consumption below 50kWh/m²/year.
(6) Consumption lower than the amount of energy produced by the building.
 Opportunities to invest in “green growth”

Business Opportunities & Markets: Transport:

Boosted by stimulus funds, the building renovation a promising change of direction
market, which was worth almost €75 billion in 2008, will
in turn re-vitalize other markets: Objective:
•E
 nvironmental engineering: particularly the
implementation of energy performance assessments
To cut CO2 emissions by 20% to 1990 levels by 2020. At
and contracts. This sector is where several building present, the transport sector generates 27% of all
trades meet: electrical installation, plumbing, greenhouse gas emissions and 34% of CO2 emissions.
heating, ventilation and lighting. It is estimated that
its turnover will grow by 2% in 2009 and 4% in 2010;
Measures:
•H
 eating devices using renewable energy sources:
(heat pumps, wood burners, condensing boilers, Confirmation of the priority being afforded to alternative
solar panels, etc.); means of transport to road and air:
•W
 indows, insulation and the building materials >>Laying 2,000km (nearly 1,250 miles) of high-speed railway
industry: an estimated 15 million windows will be sold tracks by 2020, so that 9 out of 10 French people are less than
in 2010, i.e. a growth of 4.9%. The “Green New Deal”
will give a fresh boost to the sector, including integrated
an hour from a TGV (high-speed train) line;
companies (Lapeyre), manufacturers (Liebot), joiners >>Developing the rail freight industry by constructing
Fr a n c e ’s “ G re e n N e w D e a l”

and DIY superstores (Leroy Merlin, etc.);

dedicated “rail motorways” and reopening disused lines;
•T
 echnical building audit: the demand for energy
consumption audits – and especially energy >>Expanding river networks, sea/road transport and port
performance assessments of private property – is set to installations for freight;
rise quickly;
>>Extending “exclusive right of way” networks – multiplying
•E
 nergy management services for households (such the number of regional lines by six – renovating RATP and
as EDF’s “Bleu Ciel” offer).
SNCF lines in the Paris region, for a total cost of €36 billion.
2009_08

Reduction of private vehicle emissions from 176g

The following foreign of CO2/km to 120g of CO2/km by 2020:
3 companies have already
>>The introduction in 2008 of a “bonus/malus”
invested in France:
system encouraging car buyers to make greener
≥ In the heat pump market:
purchase choices;
W h a t Fr a n c e h a s t o o f f e r

Danish company Danfoss (via

its subsidiary Avenir Energie), >>Government support for manufacturers developing
and Japanese companies hybrid and electric vehicles. Manufacturers will be
Daikin (via Daikin Air selected via a Request For Proposals; up to €250 million
Conditioning France SAS) and
Mitusubishi Electric;
will be allocated in the form of subsidized loans by
December 31, 2010.
≥ Environmental
engineering: American
company JOHNSON Innovation clusters:
CONTROLS, via its
subsidiary Johnson Controls Advancity (Ile-de-France), i-Trans (Nord-Pas-de-
Climatisation Calais/Picardie), Lyon Urban Truck&Bus (Rhône-
≥ Heating: German groups Alpes), Mobilité et transports avancés
Viessmann and Vaillant, (Poitou-Charentes), Mov’eo (Normandie/Ile-de-
via their subsidiary Saunier France), Nov@log (Haute-Normandie), Véhicules
Laurent Mignaux - MEEDM

Duval; du futur (Alsace/Franche-Comté).

≥ Plumbing and heating
merchants: British firm The renewal of airline fleets and the development
Brossette. of the “Single European Sky” EU initiative (leading
"Rail motorway" to cost reductions) can also be used as spring-
boards for growth by airline manufacturers and
airline companies respectively.
 Opportunities to invest in “green growth”

Business Opportunities & Markets: Energy saving and carbon

Demand for new investments will come from several
sectors:
• Manufacturers of rail and river/sea transport materials
and freight transport businesses. The aim is to increase
the market share of non-road freight transport from 14%
to 25% by 2020;
• Companies involved in the development of “soft”
modes of transport (cycling, car pooling, self-service
vehicles) and public transport;
Fr a n c e ’s “ G re e n N e w D e a l”
removal
The various objectives of France’s “Green New
Deal” will encourage energy savings and the
diversification of the energy mix. The energy
industry currently generates 13% of all
greenhouse gas emissions.
Objective:
The “Grenelle” Talks confirmed European and
international objectives in terms of energy
management, the development of renewable
energies7 and the fight against climate change,
i.e.:
>>The “factor 4” goal of cutting greenhouse gas

emissions by a factor of 4 by 2050;

Laurent Mignaux - MEEDM

>>A 23% share of renewable energies in final energy

consumption by 2020. In 2009, renewable energies
will account for 10% of total final energy consumption
in France.
The tramway in Montpellier BEFORE / after the "Green new deal"
2009_08

• Focus on the tramway market: the 1 Request st

Renewable energy production 2006/
2006 2020
For Proposals on regional “exclusive right of way” (exc. biofuels), in Mtoe 2020
networks identified 50 projects to be developed by the Heat 8.7 19.7 +10
4 end of 2011. These projects will receive €800 million Biomass 8.8 15.0 +6.2
in government funding. Almost half of them concern Geothermal 0.4 2.3 +1.9
tramways (215 km, or 130 miles in length). A 2nd Solar 0.0 0.9 +0.9
W h a t Fr a n c e h a s t o o f f e r

Request For Proposals will be issued in 2010. Waste 0.4 0.9 +0.5
Biogas 0.0 0.6 +0.6
• Infrastructure managers and transport services Electricity 5.6 12.9 +7.3
specialists; Hydropower 5.2 5.8 +0.6
Onshore wind power 0.2 3.6 +3.4
• Public works companies. Offshore wind power 0.0 1.4 +1.4
Biomass 0.2 1.4 +1.2
Photovoltaic solar 0.0 0.5 +0.5
Foreign companies are in a strong position in Other (geothermal, ocean, etc.) 0.0 0.1 +0.1
France
≥ Railway rolling stock manufacturers established Measures 8
in France - such as German companies Siemens and
Knorr-Bremse and Canadian company Bombardier >>Creation of a “renewable heat fund”, amounting
- and their sub-contractors, are anticipating the to almost €1 billion over three years (2009-2011): this
development of the high-speed line (HSL) network in fund will benefit cooperative housing, communities
France and the plans to modernize the regional train and all companies. Its purpose is to develop the
fleet. Siemens are hoping to bring in orders worth
production of heat from renewable energy sources
€200 million through the economic stimulus plan and the
“Green New Deal”, i.e. over 6% of the total value of its (biomass, geothermal energy, solar thermal energy,
orders in 2008 (Les Echos, June 23, 2009). etc.). It will provide financial aid to companies and
≥ Euro Cargo Rail, a subsidiary of German mobility communities, ensuring that their renewable energy
and logistics company Deutsche Bahn, is continuing thermal projects are cost-effective;
to expand in France. The company transports goods
throughout continental Europe and serves all French
ports and frontier crossings. With 800 trains operating
every month, Euro Cargo Rail is one of the biggest
private rail freight operators in France.

(7) According to the ‘Grenelle I’ law, renewable energy sources include wind power, solar energy, geothermal energy, ocean energy and hydropower, along with the energy
deriving from biomass, the gas released by wastewater treatment plants, and biogas.

(8) Cf. Construction Measures.

 Opportunities to invest in “green growth”

Indicative benchmark of wind power electricity feed-in tariffs

Number of years’ application
Country Type of instrument Onshore wind power (€cents/kWh) Offshore wind power (€cents/kWh)

Source: Eurobserv’er 2009 – Solar Systems, Le journal

of feed-in tariff

5 (onshore) ou 9.2 3.5

de l’éolien No.4, 2009 – Syndicat des Energies

Feed-in tariff on January 1,
Germany 12 (offshore)
20099
Up to 20 years 5 15
13.66 (first 10 years)
8.62 (first 10 years)
France Feed-in tariff in 2009 15 (onshore) ou 20 (offshore)
2.8 – 8.62 (for additional 5 years, tariff 3 – 13.66 (for additional 10 years, tariff
depending on load factor) depending on load factor)

Renouvelables 2009.
Feed-in tariff 20 7.3 (6.1 after 20 years)
Spain n/a
Feed-in premium + market price 20 7.1 (min) to 8.5 (max)

United Renewable Obligation Certificate (lowest price), added to the

7.1
Kingdom market price

>>Competitive feed-in tariffs for renewable electricity Business Opportunities & Markets:
(see above).
The following businesses should be particularly
The feed-in tariff for photovoltaic electricity in interested:
France (cf. appendix: Indicative benchmark of
•M
 anufacturers and installers of renewable energy
feed-in tariffs for photovoltaic solar electricity),
Fr a n c e ’s “ G re e n N e w D e a l”

equipment: heat pumps and solar power systems -

adopted in July 200610, is reviewed every year for sales of which are due to grow by an estimated 25% and
all contracts. In 2009, the base tariff is €0.33/kWh 39% respectively in 2010 – and wind turbines. Design
and the tariff including a supplementary bonus offices in the sector are also set to expand;
for building-integrated installations is €0.60/
•P
 layers involved in the development and consolidation
kWh. With this latter tariff, France is more
of the electrical grid: the implementation of new
competitive than the three leading European carbon-free production methods and the revival of
markets, i.e. Germany, Italy and Spain.
2009_08

nuclear power (a 2nd EPR nuclear plant in 2012, a 3rd

>>For more information on aid for solar power, see the “Financial under discussion).
Aid” page on the Enerplan website: http://www.enerplan.asso.fr
5 >>For more information on aid available to private individuals, Innovation clusters
see the ADEME website: http://ecocitoyens.ademe.fr/category/
DERBI-Renewable Energy in Construction
arborescence/financer-mon-projet
(Languedoc-Roussillon), Industries et agro-
W h a t Fr a n c e h a s t o o f f e r

ressources (Industries and agri-resources,

Champagne-Ardennes/Picardie), Capénergies
(Provence-Alpes-Côte-d'Azur), S2E2-Sciences et
systèmes de l’énergie électrique (Sciences and
Systems of Electrical Energy, Centre/Limousin),
Tenerrdis (Rhône-Alpes). France is exploring
ocean energy via the Britanny Marine (Bretagne)
and PACA Marine (Provence-Alpes-Côte d’Azur)
clusters.
Focus on photovoltaic solar power: a Request for
Proposals was issued in April 2009 for the
construction of at least one photovoltaic solar
power plant per region by 2011. The successful
bidders will benefit from a guaranteed electricity
feed-in tariff for 20 years, which will be agreed
upon in advance. In 2012, the turnover generated
by this sector is expected to reach €2.8 billion,
Laurent Mignaux - MEEDM

Photovoltaic compared with €430 million in 2007.

solar power
>>To view the Request for Proposals, see the French Energy
plant Regulatory Commission’s website: www.cre.fr/fr/espace_
operateurs/producteurs/appels_d_offres

(9) There are also two bonus systems of around €0.5/kWh (renovation and technology).

(10) Ministerial Order of July 10, 2006 establishing purchasing conditions for electricity produced by solar energy systems - http://www.industrie.gouv.fr/energie/electric/
pdf/tarif-achat-photovoltaique.pdf
 Opportunities to invest in “green growth”

Focus on hydropower: the 400 hydropower Environmental services

concessions in France will be opened up to
competition, including 20 large concessions by Waste management
2020. These large concessions alone account
for one quarter of France’s installed hydropower Objectives:
capacity (5,000 MW). To give priority to reducing volumes at the
source;

Focus on ocean energy: The purpose of the
“Grenelle” Sea Round Table Talks, which got
underway at the start of 2009, is to complete
the maritime policy commitments contained in
France’s “Green New Deal” by promoting ocean
energy, biodiversity and sustainable fishing.
A new plan (known as the "énergies bleues"
plan) has been put forward, with the goal of
producing 6,000 MW of ocean energy by 2020.
Fr a n c e ’s “ G re e n N e w D e a l”
To increase recycling: the goal is to recycle 75%
of household packaging by 2012 (vs. 60% in 2006,
i.e. a 15% cut in the volume of incinerated or
buried waste by 2012) and 70% of construction
waste.
Measures:
>>The deadline for introducing waste management
incentive fees has been reduced from 10 to 5 years

This plan will give considerably more support
to a series of pilot schemes to identify future
technological options in France (hydropower,
ocean thermal energy, floating wind turbines,
etc.). A Request for Proposals will be issued in
2009 to create an internationally renowned ocean
energy test centre. France’s overseas territories
2009_08
for all local authorities (with the exception of
cooperative housing areas);
>>Inclusion of bulky waste from home furnishings
and DIY in waste categories that are subject to specific
regulatory, economic and organizational conditions;
>>Taxes on waste incineration and burial;

will act as a technological showcase and testing >>Implementation of the new European Union
ground for renewable ocean energies. Framework Directive on waste (November 2008,
6 definition of waste categories and hierarchical list of
processing methods);
Many foreign companies are already operating in >>Implementation of the European regulation REACH
W h a t Fr a n c e h a s t o o f f e r

France:
on chemicals.
≥ The vast majority of foreign manufacturers in
the wind power sector already have a sales office The estimated gross cost of these ‘Waste’
in France: for example, German companies Nordex, measures is €4 billion. This should generate
Enercon, Repower and Siemens Bonus, and Spanish long-term profits of around €7bn-10bn for the
companies Gamesa. Other foreign companies are business sector.
also producing wind turbine components in France,
for example the Swedish group SKF. SKF Slewing
Bearings produces 10,000 slewing bearings every
year and exports 93% of the output from its Avallon
Laurent Mignaux - MEEDDAT

site in Bourgogne (Burgundy). In 2004, France produced

≥ Japanese manufacturers Sharp and Kyocera, who
operate in the photovoltaic sector, also have sales
849 m tonnes
of waste, 44% of which
offices in France. The German supplier of ground-
came from the agricultural
based solar plants, Q-Cells SE, operates in France
sector and can be used to
via its subsidiary Q-Cells International France SAS .
supply the biomass market
Apex BP Solar, which is a subsidiary of British group
(Figures: ADEME).
BP and specializes in the design and development
of turnkey photovoltaic systems, is based near
Montpellier.
Regulator Valves
"Isséane" Plant
(Issy-les-Moulineaux.)
 Opportunities to invest in “green growth”

Water and sanitation Innovation clusters:

Axelera (Rhône-Alpes), Pôle risques (Risk
Objective Management cluster, Provence-Alpes-Côte
to return to an ecologically healthy situation by d’Azur/ Languedoc-Roussillon).
2015.

Measures: Examples of foreign companies already

>>To ban the use of phosphates in household detergents
from 2012 and in industrial detergents from 2015;
>>To modernize all waste water treatment plants by
2011, which will require investments of around €8
billion;
>>To introduce rainwater harvesting systems into the
public sewage system.
Fr a n c e ’s “ G re e n N e w D e a l”
established in France:
≥ The Spanish group Urbaser, which specializes in
the collection and processing of household waste, has
set up a French subsidiary, Urbaser Environnement,
in Montpellier.
≥ Swiss company Citron designs and develops
recycling equipment for a wide variety of waste
containing heavy metals; its recycling facility is located
in the port of Le Havre.
≥ Irish company Terra Nova Precious Metal has

decided to establish a facility for recycling precious

metals and recovering the metals contained in
electronic boards in the Nord-Pas-de-Calais region.
Business Opportunities & Markets:
Waste
•R
 ecycling: a spur to development for the major groups
in the waste management sector, and for new sectors
2009_08

related specifically to the type of waste being collected (for
example, construction waste). The recycling of plastics
has increased substantially in France, reaching a rate of
7 19% in 2006. The recycling of construction waste could
also be a significant springboard for growth for materials
suppliers.
W h a t Fr a n c e h a s t o o f f e r
For more information on the “Grenelle” Talks
and France's “Green New Deal”, go to:
>>The official “Grenelle” website:
www.legrenelle-environnement.gouv.fr
>>The ADEME (French Environment and Energy
Management Agency) website: www2.ademe.fr

•B
 iological waste treatment: operators, manufacturers >>IFA Contact : Jean-Hugues Pierson
and equipment manufacturers in the sector have a jean-hugues.pierson@afii.fr
role to play in biological waste treatment and in the
development of methanogenesis.
Water and sanitation
The following players are involved:
•P
 ublic works, civil engineering and sewage works
companies, due to the development of projects relating to
water and sanitation networks;
•W
 ater boards and sanitation specialists, due to an
increase in the range of services available and in the
volume of business;
The renovation of the water system in France will require a
gross investment of €15.5 billion from 2009 to 2013. The cost
will be borne mainly by local authorities.
 Opportunities to invest in “green growth” appendix 1

Photovoltaic electricity purchasing

conditions in the main EU markets
Fr a n c e ’s “ G re e n N e w D e a l”
2009_08

8
W h a t Fr a n c e h a s t o o f f e r
 Opportunities to invest in “green growth” appendix 1 (cont.)

Photovoltaic electricity purchasing

conditions in the main EU markets
Fr a n c e ’s “ G re e n N e w D e a l”
2009_08

9
W h a t Fr a n c e h a s t o o f f e r
 Opportunities to invest in “green growth” appendix 2

Benchmark: a joint European

commitment to renewable energies

Effort needed to meet the 2020 target

Share of renewable energies in 2005

50 49 %

40 38 %
34 %
30 % 31 %
Fr a n c e ’s “ G re e n N e w D e a l”

30

23 %
20 %
20 18 % 18 %
16 % 17 %
15 % 14 %
13 %
11 %
10
2009_08

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en
s

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tu
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rla

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Au
Gr
Fr

Sw
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Be

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Po
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Ki

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Un
W h a t Fr a n c e h a s t o o f f e r

The member states of the European A similar trend can be seen in other
Union all share a commitment to parts of the world. China is aiming to
develop renewable energies. achieve a 15% share for renewable
energies in its primary electricity
Some countries, such as Sweden and
production by 2020 (compared with 7.7%
Finland, have already set exemplary
in 2006); Japan’s target is 7% by 2010
standards, since around one-third of
(compared with 2% in 2006). In June 2009,
their electricity supply is derived from
the United States committed itself
renewable sources. The countries
through the “American Clean Energy and
needing the most encouragement,
Security Act” to reduce American
which will have to make the biggest
greenhouse gas emissions by 17% by
effort to achieve the target set for 2020,
2020 (compared with 2005 levels) and by
are the United Kingdom (13.7%),
83% by 2050. 15% of the electricity
Denmark (13%), Ireland (12.9%) and
generated by American suppliers must
France (12.7%).
derive from renewable energies by
2020.
Source : XERFI — XERFI - New Energy Finance, via The Economist, European
Commission – Les Echos June 29, 2009.