CMA CGM was a significant early adopter of LNG bunkering. File Image / Pixabay
French container line CMA CGM is set to spend as much as $1.5 billion over the next five years preparing its fleet and fuel supply chain for carbon neutrality.
The firm has set up what it is terming its Special Fund for Energies, with a $1.5 billion budget for the next five years, it said in an emailed statement on Monday.
The fund will invest to support the production of new fuels, as well as low-emission mobility solutions across the company's businesses.
"The CMA CGM Group has been acting to protect the environment for many years," Rodolphe Saadé,, CEO of CMA CGM, said in the statement.
"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."
In the alternative marine fuels space, the fund has been tasked with developing and scaling up the production of biofuels, bio- and synthetic LNG, green methanol and other alternative fuels, the company said.
CMA CGM was a significant early adopter of LNG bunkering, and was a major driver of investment in this fuel in Europe in particular. But more recently the firm has also ordered some methanol-fuelled tonnage, following the lead of rival container line AP Moller-Maersk.