CMA CGM to launch €200mn decarbonisation fund

French shipowner CMA CGM plans a €200mn ($218mn) fund to support companies working on solutions to decarbonise the country's shipping sector, it announced on January 30.

Applicants can submit projects for funding from January 30. They will be selected according to their concrete impact on the decarbonisation of shipping, the maturity of projects and their economic feasibility.

"Some of them may receive shared investments from the public sector and private operators and beneficiate from the assistance of shipping industry experts to give them every chance of success," CMA CGM said.

CMA CGM is collaborating on the initiative with the French state secretariat for the sea and various public actors involved in the France 2030 plan.

CMA CGM has invested heavily in LNG-fuelled shipping. It aims to expand its fleet of LNG-powered containerships to at least 44 vessels by the end of 2024.

The company is also increasing the use of bio-LNG, and is investing in biomethane production.