Bpifrance Becomes Signatory to the Poseidon Principles

French national investment bank Bpifrance has committed to limiting the carbon impact of the French shipping industry by signing up to the Poseidon Principles.

Bpifrance joined the climate alignment agreement through its subsidiary Bpifrance Assurance Export, the French export credit agency, acting under the name, for the account and under the control of the French state.

Launched in 2019, the principles 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 — a reduction of 50% by 2050 compared to 2008.

“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 favor the greenest existing technologies for their future ships,” the credit insurer said in a statement.

As explained, joining this initiative is expected to 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,” François Lefebvre, general manager of Bpifrance Assurance Export, commented.

“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.”

Earlier this month, BNP Paribas, a France-based international lender to global shipping, and Credit Suisse, a Swiss multinational investment bank, also become signatories of the Poseidon Principles.