The government announced on February 21st a decree canceling 10 billion euros in credits from its 2024 budget in order to contain the public deficit. The 2024 budget law already included a reduction of 16 billion compared to 2023, with an additional 20 billion in savings announced for 2025. Experts from learned societies have raised concerns about the arbitrary nature of these decisions, which they believe will harm the future and are likely to be ineffective, while other strategies are possible. The transition to a more ecological approach is particularly affected, with 2.1 billion euros in cuts, as well as a 400 million reduction in funding for the green fund that finances ecological transition in territories.
Education and research sectors, despite chronic underinvestment, will also see cuts of 700 million and 900 million respectively. This means that crucial sectors for preparing for the future and addressing ecological and climate emergencies are being sacrificed. These cuts also reinforce a long-standing trend of reducing resources allocated to public services, despite increasing collective needs such as higher education enrollment, an aging population, rising health expenditures, and necessary housing adaptations. This short-term budget austerity is lacking a solid scientific basis.
According to data from the International Monetary Fund (IMF), advanced economies had an average public debt of 112.5% of their gross domestic product (GDP) in 2022. France, with 112.5%, is in line with this average and remains solvent, financing itself without difficulty. The trajectory of debt does not necessitate such public disinvestment, especially considering that public debt is not just a liability – it creates assets (infrastructure, holdings, etc.) that are valued at 145% of GDP according to INSEE. Increasing debt for asset construction is particularly justified in the context of combating climate change, where the cost of anticipation is much lower than the cost of inaction, as highlighted in the latest report from the Intergovernmental Panel on Climate Change (IPCC).
Investing in climate action can lead to economic benefits that outweigh the costs, especially when done early. This requires investing in research across all disciplines. The 2024 report from the Court of Auditors emphasizes that there is a need for increased expertise in adaptation, with existing scientific resources currently insufficient. It is crucial to invest in research and act early to reap the economic benefits of climate action. The continuation of the article is available only to subscribers, but the importance of investing in scientific expertise and asset construction for future sustainability and climate action is highlighted.
