France-based shipping major CMA CGM and public sector investment bank Bpifrance have launched a €200 million fund dedicated to accelerating the energy transition in the French maritime industry, according to Offshore Energy.
Specifically, €110 million will be available in grants and €50 million for equity investments to support maritime firms’ decarbonization efforts. What is more, €20 million will be dedicated to helping French fishing companies decarbonize their fleets.
Moreover, a €20 million grant will be allocated directly by the fund to advance maritime research, propelling the industry into a sustainable future.
The collaboration between CMA CGM and Bpifrance is based on a collaborative governance model that unites maritime and financial sector leaders to steer the fund’s impactful mission.
Operational from April, the fund was announced at the Paris International Agricultural Show in 2023.
The initiative will make it possible to finance decarbonization projects carried out by French industrial, maritime and port players in different segments — fishing, passenger transport, maritime freight, boating, ports and terminals.
To date, CMA CGM has launched several large industrial partnerships to diversify its sourcing with even more decarbonized fuels.
In September 2022, Rodolphe Saadé announced the creation of PULSE, CMA CGM Energy Fund, with a $1.5 billion budget over five years to accelerate the decarbonization of all sea, land, air transportation and logistics activities worldwide.
In eighteen months, PULSE has committed €460 million for around twenty direct or indirect investments in technological and energy projects.