French Minister of the Economy Bruno Le Maire has unveiled a new bill featuring a series of incentives to urge industries to return production plants to the country.

“In the coming days, I will propose a bill on green industries … that will include tax, regulation and legislative measures to accelerate the installation of industrial sites in France,” Le Maire said during an interview on France Inter radio.

“This bill will aim at encouraging green industries, green hydrogen and electric batteries production, nuclear energy, of course, and renewable energies. Let’s take advantage of this moment ... to become the leading decarbonised nation in Europe,” he added.

Le Maire continued: “It will create a powerful green industry on French soil with hydrogen production, electric batteries, nuclear and renewable energy. The aim is for climate change to result in the re-industrialisation of France,” Bloomberg reports.

The Economy Minister said the proposed steps would arrive alongside France and Germany’s attempts to encourage EU partners to agree to “a European Inflation Reduction Act” that would include “bigger, swifter and more simplified subsidies” for green industries, Politico reports.

France has been at the helm of attempts to harden the European Union’s reaction to the Inflation Reduction Act – a $369 billion U.S. federal law aiming to curb inflation - amid concerns the subsidies could remove investment from Europe.

“At the heart of the French spirit, there has always been independence, sovereignty and the role of the state in the economy for the planning of big investment,” Le Maire stated. “That means that this moment when liberalised globalisation is coming to an end is an opportunity for the French nation.”

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