Bpifrance signs the Poseidon Principles

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The climate bank is the first credit insurer, to, through its subsidiary Bpifrance Assurance Export, put its signature under the framework.

The principles, launched by international banks active in the shipping finance industry, focus on measuring and publishing the carbon impact of their civil ships portfolios. They commit their signatories to align the climate impact of their portfolios with the trajectory of the greenhouse gas emissions set by the International Maritime Organization (IMO), i.e. reduction of said emissions by 2050 compared to 2008.

The French State and Bpifrance, underwriting several billions euro yearly of export credit guarantees for cruise ships, intend to spur the shipyards and shipowners towards investing in green technologies for their future vessels.

The move will contribute to France's environmental commitments as defined in the French "Pacte Productif".

François Lefebvre, General Manager, Bpifrance Assurance Export, said, "Bpifrance is a key player in the French shipping sector and Chantiers de l'Atlantique a leading actor strongly committed to the ecological transition. By becoming a signatory of the Poseidon Principles, we aim at aligning our portfolio with the sustainability objectives set out by the International Maritime Organization and we reaffirm, more broadly, our commitment to the ecological transition of France."