France to Back €2 Billion of Loans to Help Firms Tackle Climate
(Bloomberg) -- The French state will guarantee €2 billion ($2.2 billion) of loans for companies to invest in adapting to climate change, Finance Minister Bruno Le Maire said.
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The government picked this option as public finances are too stretched to provide grants, he said ahead of a meeting with business groups on Thursday.
Public investment bank Bpifrance will manage the system for loans of more than €200 million, while smaller companies will be able to access the guaranteed lending via commercial banks from July.
“We can’t just have grand plans for fighting climate change — we also need to take immediate, powerful and radical decisions,” Le Maire said.
The finance minister said he has ordered state-controlled companies including Electricite de France SA and rail operator SNCF to provide detailed plans on adaptation by the end of this year. He also said the government will refuse any investment in public buildings that doesn’t account for climate change.
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