Industry and investment, Raphaël Glucksmann
Additional public investment, per year: More public investment, national and local, for the transition
Direction of change: increase, compared with current law.
The lever. Additional public investment announced, in billions of euros per year. Direction rule: ↑ higher investment.
« investir fortement et durablement pour la transition écologique : renforcement de l’investissement public national et local, incitation à l’investissement des entreprises »1Translation by the editorsinvest heavily and lastingly in the ecological transition: strengthening of national and local public investment, incentives for business investment
Place publique, « Budget pour 2026 : un moindre mal qui nous engage à construire une alternative crédible pour la France ! », 3 February 2026. Position taken from a document of the candidate’s party or movement, not from a presidential programme.
No programme released. Positions taken from public statements, words of associates or documents of the candidate’s party, each dated and sourced; last recorded on 21 October 2026.
Encoding
No cost-schedule parameter for this position: see the costing for the reason.
Costing
Announced by the candidate
not announced
The cited source does not cost this measure.
Published costings
none
No external costing of this position recorded to date.
Our calculation
not costed
Increase in public investment with no amount: nothing to cost.
Current law, sources and limits of the cost schedule
Current law. There is no national rule setting the level of public investment. The 2024 European fiscal rules (net expenditure path) apply. General government GFCF amounts to €132.2bn in 2025 (Insee, annual national accounts, base 2020), i.e. about 4.4% of a GDP of €2,991.1bn.
Horizon. Spending in a full year, static: €1 announced = €1 of deficit, before any feedback effect on growth.
Limits. Most public investment is carried out by local authorities: a State commitment is only met if it goes through grants or State appropriations. Beware of double counting with the rail, renovation, EPR2 (a loan is not public investment), France 2030 and defence levers. A plan that goes partly through loans, guarantees or capital injections weighs less on the deficit: the Institut Montaigne (2022) estimated, « à la lumière » [“in the light”] of the investment-for-the-future programmes, that €200bn over five years would weigh only €29bn per year on the deficit (72.5%). These financial transactions weigh on the debt, which the cost schedule counts separately; the parameter applies only to investment spending, and this judgement on the composition of a plan is not a bound of the coefficient. Multiplier effects are not included in the central figure (rule of the method). Provisional Insee data, subject to revision. Common rules of 18 October 2026: an announced envelope is taken at the candidate's amount, converted to an annual figure over the duration they give or, if they give none, over the five-year term (five years); a fund lent by the Caisse des dépôts, Bpifrance or regulated savings (public banking hub) is read as having no effect on the balance (low reading: position counted at zero and marked as an assumption), the reading as public spending being cited in the note.
- Comptes nationaux annuels en 2025 (Insee), 2026-05: « FBCF « administrations publiques 5,4 5,3 2,6 132,2 1,0 3,7 0,1 » (132,2 = milliards d'euros 2025) ; le PIB « atteint 2 991,1 milliards d'euros » »
How to read these amounts. These are static costs and revenues, with no feedback effect, over a full year: nothing on growth, employment or the revenue that economic activity would gain or lose. A higher net cost does not on its own make a worse policy, nor net savings a better one: each programme rests on an economic model (demand-led stimulus, lower compulsory levies, consolidation of the public accounts…) that the cost schedule does not settle. GDP itself measures a volume of activity, not well-being or the usefulness of what is produced. Economic models and feedback effects.
- Place publique, « Budget pour 2026 : un moindre mal qui nous engage à construire une alternative crédible pour la France ! », 3 February 2026. Position taken from a document of the candidate’s party or movement, not from a presidential programme. Read the source (Place publique, « Budget pour 2026 : un moindre mal qui nous engage à construire une alternative crédible pour la France ! »).
Contest this encoding (prefilled email; procedure and deadlines)