First credit insurer signs up to the Poseidon Principles

First credit insurer signs up to the Poseidon Principles

State-run Bpifrance, through its subsidiary Bpifrance Assurance Export, the French export credit agency, has become the first credit insurer to sign the Poseidon Principles, the green ship finance initiative launched last year.

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, namely a reduction of 50% by 2050 compared to 2008.

“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 François Lefebvre, general manager of Bpifrance Assurance Export.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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