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French export credit agency Bpifrance joins Poseidon Principles

Bpifrance, a French export credit agency, has signed up to the Poseidon Principles to become the 17th signatory with a collective aim to limit carbon emissions from ships.

Bpifrance, under the control of the French state, is the first credit insurer to sign the Poseidon Principles.

Joining this initiative will contribute to France’s commitment in favor of the carbon neutrality by 2050 and to the ecological transition of the shipping industry, as set out in the French ‘Pacte Productif’.

“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,” stated Francois Lefebvre, general manager of Bpifrance Assurance Export.

Through this commitment, the French state and Bpifrance, which underwrites each year several billion euros of export credit guarantees for cruise ships, through Bpifrance Assurance Export, wish to encourage the players of the industry, shipyards and ship owners, to favour the greenest existing technologies for their future ships.

The Poseidon Principles commit their signatories to align the climate impact of their portfolios with the trajectory of the greenhouse gas emissions set by the IMO, being a reduction of 50% by 2050 compared to 2008.

Last week, the Poseidon Principles added BNP Paribas and Credit Suisse as signatories.

However, the initiative has yet to attract any Asian financial institutions such as the likes of Bank of China and Export-Import Bank of China (China Exim) which accounted for $35.5bn in shipping loans as at end-2018.

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