Macron backs call to scrap EU sustainability rules May 20, 2025

French President Emmanuel Macron (C) gestures as he speaks at the "Choose France Summit," aiming to attract foreign investors to the country at the Chateau de Versailles, near Paris, on May 19, 2025. GONZALO FUENTES / AFP

By AFP - Agence France Presse

Macron backs call to scrap EU sustainability rules

The French president called on the European Union to abolish a directive on corporate sustainability that requires large companies to show supply chains that uphold human rights and environmental standards.

French President Emmanuel Macron boasted that his reforms paved the way for €20 billion in foreign investment projects announced on Monday, May 19, at the Choose France summit in Versailles. The record figure beat the €15 billion announced last year and reinforced France's status as the top draw in Europe for foreign direct investment, according to an EY ranking. About 50 new projects – covering fintech, cruise ships, and data centers – were announced at the "Choose France" conference of some 200 corporate bosses.

Macron pointed to reforms he has overseen since becoming president in 2017 and vowed to pursue simplification of bureaucracy and rules. He joined Germany's Chancellor Friedrich Merz in calling on the European Union to abolish a directive on corporate sustainability that requires large companies to show supply chains upholding human rights and environmental standards.

Among projects announced was a €6.4 billion investment by US logistics company Prologis to build data centers and warehouses and a €3.5 billion plan by Swiss-Italian company MSC Cruises to build two passenger ships at France's Saint-Nazaire shipyard. The Versailles event, which took place inside the château, also saw companies confirm €20.8 billion of investment in AI projects in France, stemming from promises made at another event in February. Those include an artificial intelligence campus in the Paris region and AI centers elsewhere, including in Marseille. UK fintech company Revolut said it will plough €1 billion into a headquarters for EU countries in Paris.

"France has a lot of advantages, but it can still do better," said the head of Amazon France, Frederic Duval, pointing particularly to red tape. The US giant announced €300 million in investment.

Executives at the event included Mexican tycoon Carlos Slim, Stella Li of China's BYD, and the CEO of Saudi entertainment firm Qiddiya. Representatives of Saudi, Qatari, and Abu Dhabi wealth funds were also present, with Macron to open the Paris office of the Saudi Public Investment Fund on Tuesday.

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