Financing the Low-Carbon Transition of SMEs: Issues and Challenges[Le financement de la transition bas-carbone des PME : enjeux et défis]

SMEs make a major contribution to added value and employment in France. Although their managers are generally aware of the need to implement an ambitious climate strategy, few of them have done so. Funding and technology have been the two main obstacles. Within the framework of the European Green Deal, the regulation aimed at redirecting financial flows towards sustainable activities has currently been only marginally successful in meeting this goal as regards private financing through debt or equity. Government intervention in the form of support and financing is increasingly present, both for established SMEs and for start-ups that are introducing disruptive innovations. This government funding has followed the findings of recent academic research on the effects of direct public investment and actions taken by public investment banks on the commitment of private actors. A real impetus needs to be amplified and accelerated within a European framework to enable SMEs to meet the challenges of the coming years.