CMA CGM creates $1.5 billion fund to develop green fuels and advance sustainable initiatives
French container shipping firm CMA CGM has created a fund worth $1.5 billion spread over five years called Special Fund for Energies to advance energy transition and attain zero carbon emissions by 2050.
PHOTO: A CMA CGM container ship. CMA CGM
The 'Special Fund for Energies' seeks to scale up production of new green fuels and develop low-emission mobility solutions to help CMA CGM to achieve its net zero emission targets by 2050.
It will also partner small, medium and large enterprises, start-ups, and the academic and scientific community to create a global innovation platform.
CMA CGM asserts the fund will drive the development and scaling up of production of biofuels, biomethane, e-methane, carbon-free methanol, and other alternative fuels.
The shipping firm has already invested a portion of the funds in three key projects.
Under the Salamander Project, it has partnered with French utility firm Engie to produce 11,000 mt/year of biomethane by 2026, and scale up production to 200,000 mt/year by 2028.
It has partnered with Dutch LNG bunker supplier Titan to construct a 100,000 mt biomethane production and liquefaction facility in three years. Apart from it, CMA CGM is actively involved in Jupiter 1000 project in France's Fos to mass produce e-methane.
CMA CGM currently operates 29 e-methane ready vessels and plans to deploy a total of 77 of them by 2026.
By Tuhin Roy
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