French liner CMA CGM and French public sector investment bank Bpifrance have launched a €200m ($214.5m) fund to push forward the French maritime industry’s energy transition.
Of the €200m, €20m will go to help decarbonise fleets of French shipping firms, €110m and €50m will be assigned to grants and equity investments, respectively, for maritime decarbonisation efforts while the remaining €20m will go directly to the advancement of sustainable maritime technologies.
“This unique initiative showcases our unwavering support for the industry’s transformation, contributing to a cleaner tomorrow for oceans around the globe and fueling the journey to decarbonization,” the Marseille-based company explained.
The offered amount is part of CMA CGM’s $1.5bn PULSE energy fund focused on decarbonisation. Projects eligible for funding from the energy fund can come from the shipping, tourism and cruising, fishing and seafood products, infrastructure, naval and nautical industries, and renewable energies sector.
The five-year PULSE fund was created by Rodolphe Saadé in September 2022 with the aim to accelerate CMA CGM’s energy transition in order to achieve net zero carbon by 2050.
