Déchiffrer 2027

FREN

Industry and investment, Marine Tondelier

Industrial aid and reshoring: Sovereign fund financed by a « livret industrie » (industry savings account)

Direction of change: increase, compared with current law.

The lever. Support for industry in France: aid, public procurement, trade protection, conditions attached to aid. Direction rule: ↑ more public aid to industry.

« Créer un fonds souverain assis sur un « livret industrie » rémunéré au même taux garanti que le livret A et ciblé vers des entreprises françaises produisant la majeure partie de leur valeur ajoutée en Europe et se dotant d’un horizon d’investissement long. Conditionner ses investissements au respect de critères de performance environnementale et sociale. »1

Translation by the editorsCreate a sovereign fund based on a “livret industrie” (industry savings account) paying the same guaranteed rate as the livret A and targeted at French companies producing most of their added value in Europe and adopting a long investment horizon. Make its investments conditional on meeting environmental and social performance criteria.

Encoding

No cost-schedule parameter for this position: see the costing for the reason.

Costing

Announced by the candidate

not announced

The programme does not cost this measure.

Published costings

none

No external costing of this position recorded to date.

Our calculation

not costed

Sovereign fund financed by the savings in a savings account (livret): neither budgetary endowment nor amount given.

Current law, sources and limits of the cost schedule

Current law. France 2030 plan: €54bn (including PIA 4). Payment appropriations proposed in the PLF 2026 for its two programmes amount to €5,128m. The end of roll-out was envisaged around 2027-2030. The green industries investment tax credit (C3IV) is extended for projects approved until 31 December 2028 (art. 39 of the LF 2026, act no. 2026-103; decree no. 2026-763). The rate was cut by 5 points according to two analyses, which has not been checked in the text.

Horizon. In full year 2032, compared with current policies under which France 2030 has expired.

Limits. The figure of €5.1bn corresponds to the payment appropriations (CP) proposed in the PLF 2026 and not voted (the Senate cut them by €1bn at first reading). The bounds of €4bn to €6bn are an order of magnitude chosen by the editors around this figure, not a source. The annual cost of the C3IV (green industry investment tax credit) is not in the sources read (« Voies et moyens » annex, volume II, of the PLF 2027, not consulted). A 2025 amendment puts forward about €3.7bn cumulatively up to 2030. A “conditionality of aid” costs nothing and can save money if it reduces the amounts. Compatibility with EU State aid law is not assessed.

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.

This lever in the method · Costing for Marine Tondelier

  1. Pour une prospérité écologique – Le nouveau programme des Écologistes (Projet 2027), version 1 of 25 August 2026, p. 77. Open the document at this page.

Contest this encoding (prefilled email; procedure and deadlines)