Green industry: future climate plan open to those under 21, July 1

The decree appeared on Sunday in the Official Journal. A future climate plan is scheduled to be created on July 1, open to those under 21 and to be used to fund low-carbon projects under the Green Industry Act.

The goal of the green industry law, adopted in October 2023, is to reindustrialize France while promoting decarbonization. For example, the government wants to halve the time it takes to open factories and encourage the adoption of key decarbonization technologies, the Big Five technologies – wind, photovoltaics, heat pumps, batteries, carbon-free hydrogen.

To finance this goal, the executive branch relies on private savings, which is halfway between life insurance and a retirement savings plan. In this law he envisaged the launch of a new product aimed at young people – the future climate plan, from which last year he indicated that he expected a billion euros in annual collection “at full potential” for the green industry.

The amount of payments is limited to 22,950 euros.

According to a series of three decrees published in the Official Journal on Sunday, the implementation of this future climate plan will take place on July 1. “Only one plan can be opened per individual” and “the amount of payments into a future climate savings plan from the moment the plan is opened is limited to 22,950 euros,” it is specified, in particular.

Savings set aside by parents for their children will be blocked until they reach adulthood, an important mechanism for “financing the much longer-term projects needed for the ecological transition,” Bercy said at the time. Distributed by traditional life insurance players (insurers, bankers, etc.), its profitability will depend on their investment strategies.

In May 2023, Minister of Economy and Finance Bruno Le Maire confirmed that the remuneration for this new product would be “higher” than for Livret A, which currently has a rate of 3%.