This type of products already effectively works at the Netherlands

The considerable problem of climate change is now recognized and diagnosed by almost all the experts, the imperative to reduce our greenhouse gas emissions while continuing to develop sustainable economies escapes more responsible actors. States can act in several directions. First, via their policies industrial, energy, agricultural, health, both in the European national plan, they can orient research efforts and investments to the eco-technologies. Of course, they can also regulate or even create the conditions for the emergence of new markets; This is typically the case with the Kyoto Protocol. This could also be the case tomorrow, with white certificates for energy conservation.

Their last weapon remains taxation, that is negative (taxing energy) or positive (create tax credits). Historically, taxation stimulated behaviour and in particular those of the financial actors: life would be the financial product preferred the French without the tax benefits Ditto for the PEA and many other investments. The State knows guide money flows to macroeconomic purposes and for collective equilibria. Why does the make not also for the benefit of the environment, since it is a common good

Of course, tax credit mechanisms are already in place, particularly for individuals who undertake renovation work, equipping new equipment of heating reducing their energy consumption or use of renewable energy, but they are still too little known and insufficiently used in view of the absence of professional courses of duly certified installers. Other mechanisms exist, such as the tax on vehicles of company, which is now calculated according to the rate of CO2 emissions per kilometre. Alternatively, for example, the exemption from property tax for some new buildings using renewable energy. Biofuels also have a certain tax reliefs.

But the State may also act on the two major families of financial products: investments, on a hand, and financing, on the other. Investments, consider first the so-called household "balance sheet" savings, held accounts, books or plans (it rises to nearly 900 billion euros in France). The range is full of multiple historical and categorical products: livret A, B, blue, money (created more than twenty years ago to revive industry in France), popular savings booklet, young booklet, etc. It even known the manual workers savings booklet! When would it not come to a simplification and harmonization of regulations And to take the opportunity to introduce a measure of tax exemption of interest for a "green" savings that would allow financing of the same color, for equipment labelled contributing to the reduction of energy consumption and greenhouse gas emissions

The idea would be, for example, for an ENP (green savings product) which would give banks long and stable resources they need for their asset-liability management policy (taking into account the success of life). Green-backed loans would be subsidised by the State or even produce tax deductible interest. A flexible device of minimum threshold of savings would allow the client to obtain its loan before maturity of the product. This type of products already effectively works at the Netherlands.

Turning then to the range of UCITS, why not imagine that capital gains on funds invested in "green" values (companies working for the environment, renewable energy... industries) are exempt from tax levies, so that the labelling of the companies concerned is, of course, undeniable Finally, regarding financing pane, why not step apply the mechanism of tax deduction of interest of the loans that Bercy familiar (case certain mortgage and consumption), credit auto vehicle rejecting, for example, less than 120 grams of CO2 per kilometre

Many other devices can be imagined. The lack to win tax would be limited and even trimmable to envelope constant by removing some of the multiple niches of corporatist interests that clog the current landscape, without to wait the "great night" where the architecture of the tax as a whole system would be redeployed more clearly to the public good and the priorities of society and the planet. This shortfall would, in any case, well below the cost of the tons of CO2 avoided, updated on for many years and calculated the price of a likely bull market in the long term, despite some inevitable youth air holes. That the State shown in the example by targeting its tax incentives on the areas of building and road transport, which represent approximately 45 of gas emissions greenhouse. Banks will then push towards their clients tax green products and put the strength of their distribution networks to the service of sustainable development.