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In France, climate investments reached €84 billion in 2022, including key sectors, such as energy-efficient building renovation (€22 billion), low-carbon vehicles (€16 billion), and modal shift infrastructure (€12 billion). However, to meet the climate targets, an additional €58 billion needs to be invested every year through 2030. In Europe, climate investments amounted to €407 billion in 2022, representing 2.6% of European GDP. To meet the EU’s targets, these investments should be doubled to €813 billion a year, or 5.1% of GDP. In France, as in Europe, closing the climate investment gap requires various government policies, including regulatory measures, carbon pricing and public funding. JEL classification: Q50, Q54, Q58.