French transport group investing $1.5B in 'new fuels'
French transport giant CMA CGM announced September 4 it is creating a five-year investment fund of 1.5 billion euros ($1.5 billion) aimed at accelerating its energy transition in shipping and logistics, according to various media reports.
The fund will support "industrial production of new fuels and low-emission transport solutions across the group's businesses, including maritime, overland and air freight shipping and port and logistics services," it said in a statement. More information on the "four focuses" of the investment is available here.
Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, said: "The CMA CGM Group has been acting to protect the environment for many years. It is at the heart of my convictions and of our strategy. However, in the face of the climate emergency it is our duty to do more and accelerate our actions. This fund will enable us to make substantial investments in innovative projects to decarbonize our business. We have allocated the resources needed to accelerate our energy transition and that of the entire shipping and logistics industry.”