After France’s hottest summer on record, government considers raising Livret A savings cap to €30,000

France has just experienced its hottest summer on record, and the government is considering a higher savings limit on the country’s Livret A accounts to help pay for climate adaptation.

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This is not a tax: it is not about asking French people to pay an additional tax.

Ecology Minister Monique Barbut said the June-to-August period reached an average 24-hour temperature of 24.0°C, or 3.6°C above the 1991-2020 normal. The figure surpassed the previous records set in 2003 and 2022. France also endured three heatwaves. One in late June reached record intensity, while another, lasting from late July into August, matched the national record for the longest heatwave, at 23 days.

Barbut, tasked by Prime Minister Sébastien Lecornu in late July with proposing measures to speed up the national climate adaptation plan, said she would present conclusions by the end of September, alongside a five-year financing plan. One option she raised with Les Echos would increase the Livret A ceiling from €23,000 to €30,000. The additional savings capacity could allow the Caisse des Dépôts to provide long-term loans for adaptation projects.

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We are not going to suffer through events and wait for them to happen before making decisions.

The minister stressed that the proposal would not amount to a tax or require people to pay an additional levy. The Caisse des Dépôts has reacted favorably, but Matignon and the Finance Ministry have not yet approved it. Barbut said France should prepare for next summer as if it would bring the same conditions. She acknowledged that schools could not all be renovated in time, but said shutters and air circulators could be installed quickly. She also promised mid-September announcements on measures to help firefighters reach forests during future heatwaves.

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We have experienced the hottest summer ever recorded since measurements began in 1900.