CMA CGM has launched a €200 million ($214 million) fund to finance decarbonization projects in the French maritime sector.
The credit line is to be opened at the public sector investment bank Bpifrance, which will manage the bulk of the fund.
Approximately €130 million will be offered in subsidies and grants to finance French shipping companies who intend to decarbonize their fleet. €50 million, managed directly by Bpifrance, will be invested in French small and medium-sized sector enterprises. €20 million will be made available to fund maritime research.
The €200 million are part of the Pulse fund, which CMA CGM also recently drew on to found Flexis Sas, a new company owned by Renault (45%) and Volvo (45%) that aims to produce electric vans, by acquiring 10% of its stakes.
‘Decarbonization is a major issue for the future of the French maritime industry. As a leader, it is our responsibility to support our sector’s decarbonization efforts,” said Rodolphe Saadé, Chairman & CEO of CMA CGM.
Translation by Giles Foster
