Societe Generale becomes first financial institution to join growing SEA\LNG coalition
SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, has announced the addition of the first financial institution to the coalition; Societe Generale. Joining a growing band of industry leaders from across the LNG value chain, Societe Generale brings an essential financial perspective to the group which aims to accelerate the uptake of LNG as a marine fuel, SEA\LNG said in its press release.
Peter Keller, SEA\LNG chairman and executive vice president, Tote, said: “As the 0.5% global sulphur cap from January 2020 edges ever closer, the case for LNG as a marine fuel continues to gather momentum. Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this evolution. We are therefore delighted to welcome them to our growing coalition and look forward to benefiting from their extensive knowledge and experience.”
Paul Taylor, Global Head of Shipping Finance, Societe Generale Corporate & Investment Banking, commented: “The use of LNG as a marine fuel is gradually becoming a global reality. In line with our wider environmental commitment to promoting greener solutions, Societe Generale recognises the benefits of LNG in lowering local pollution and greenhouse gas emissions, when compared with traditional marine fuels. Societe Generale wants to play a key role in supporting the SEA\LNG coalition to realise its goal of making LNG a viable maritime fuel for 2020 and beyond. This strategic membership will help develop a long-term financial framework which we hope will contribute to, and supplement, the work of other industry leaders in the LNG shipping value chain.”
Societe Generale’s commitment to financing alternative solutions – which support the development of green maritime transport – is demonstrated by its pioneering involvement in the first transaction for the European Union’s recently instituted Green Shipping Guarantee programme. Societe Generale acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider, and lender in a EUR 142.6 million French lease financing of “Honfleur”, the first LNG-powered ferry to be commissioned by Brittany Ferries, with a funded guarantee from the European Investment Bank.
The bank’s “Sustainable & Positive Impact Finance” offer , demonstrates its capacity to innovate, as well as its pioneering spirit to develop financing solutions that integrate the environmental challenges of its clients.
The addition of Societe Generale to the coalition further strengthens SEA\LNG’s collaborative membership which continues to leverage knowledge, networks, and real-life examples to obtain a competitive global LNG value chain for cleaner maritime shipping.
SEA\LNG brings together key players from across the supply chain, including shipping companies, classification societies, ports, major LNG suppliers, downstream companies, infrastructure providers and OEMs (original equipment manufacturers) to address market barriers and transform the use of LNG as a marine fuel.
SEA\LNG is a not for profit collaborative industry foundation serving the needs of its member organisations. SEA\LNG’s members include: ABS, Bureau Veritas, Carnival Corporation & plc, Clean Marine Energy, DNV GL, Eagle LNG Partners, ENGIE, Gas Natural Fenosa, GE, GTT, JAX LNG, Keppel Gas Technology, Lloyd’s Register, Marubeni Corporation, Mitsubishi Corporation, Mitsui & Co., Ltd., Novatek Gas & Power, NYK Line, Petronet LNG, Port of Rotterdam, Qatargas, Shell, Société Générale, Sumitomo Corporation, Total, TOTE Inc., Toyota Tsusho, Uyeno Transtech, Yokohama-Kawasaki International Port Corporation (YKIP), and Wärtsilä.
SEA\LNG is guided by a board, which is led by chairman Peter Keller. Each member organisation commits mutually agreed human resources, data analysis and knowledge sharing in support of SEA\LNG initiatives and activities and financially contributes via a membership fee.
The SEA\LNG coalition was established by Xyntéo, an advisory body which works with global companies to identify and implement collaborative initiatives that enable businesses to grow in a new way, fit for the resource, climate and demographic realities of the 21st century.
About Societe Generale
Societe Generale is one of the largest European financial services groups. Based on a diversified and integrated banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Societe Generale has been playing a vital role in the economy for 150 years. With more than 145,000 employees, based in 66 countries, we serve on a daily basis 31 million clients throughout the world.