Bpifrance, the French national investment bank, has become the first credit insurer to sign the Poseidon Principles.
The bank signed up through its subsidiary Bpifrance Assurance Export, the French export credit agency.
As previously reported by Bunkerspot, the Poseidon Principles were launched last year by a group of international banks and organisations active in the shipping finance industry. The initiative commits the signatories to align the climate impact of their portfolios with the International Maritime Organization’s (IMO) target for a 50% reduction in greenhouse gases (GHG) by 2050 compared to 2008.
François Lefebvre, general manager of Bpifrance Assurance Export, commented: ‘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.’
Other recent signatories to the Poseidon Principles have included Credit Suisse and BNP Paribas who joined up on 22 January.