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French bank Societe Generale has joined SEA\LNG, the industry coalition promoting the use of liquefied natural gas (LNG) as a marine fuel.
The bank is the first financial institution to join SEA\LNG.
“As the 0.5% global sulphur cap from January 2020 edges ever closer, the case for LNG as a marine fuel continues to gather momentum. Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this evolution,” said Peter Keller, SEA\LNG chairman and executive vice president, Tote.
Paul Taylor, Global Head of Shipping Finance, Societe Generale Corporate & Investment Banking, commented: “The use of LNG as a marine fuel is gradually becoming a global reality. In line with our wider environmental commitment to promoting greener solutions, Societe Generale recognises the benefits of LNG in lowering local pollution and greenhouse gas emissions, when compared with traditional marine fuels.
He added that Societe Generale wants to play a key role in supporting the SEA\LNG coalition to realise its goal of making LNG a viable maritime fuel for 2020 and beyond.
“This strategic membership will help develop a long-term financial framework which we hope will contribute to, and supplement, the work of other industry leaders in the LNG shipping value chain,” said Taylor.
Worth mentioning, the European Investment Bank (EIB), Societe Generale and Brittany Ferries announced in December they had signed the first green maritime financing under EIB’s 750 million euros ($883m) Green Shipping Guarantee programme.
Societe Generale aacted as the main arranger of the 142.6 million euros financing of “Honfleur”, the first LNG-powered ferry to be commissioned by Brittany Ferries, with a funded guarantee from the European Investment Bank.