Société Générale is the first financing institution to join SEA/LNG
Société Générale, the French banking and financing service, has announced that it has joined SEA/LNG.
SEA/LNG is a multi-sector coalition with the objective of increasing the global adoption of liquefied natural gas (LNG) as a marine fuel, aiming for cleaner maritime shipping by 2020.
The coalition includes Shell LNG, Total, Mitsubishi, Carnival, and Clean Marine Energy.
“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,” stated SEA/LNG Chairman and Executive Vice President, Peter Keller.
“Innovative financing is a core component to breaking down barriers to adoption and Société Générale is at the forefront of developing frameworks to support this evolution.”
“We are therefore delighted to welcome them to our growing coalition and look forward to benefiting from their extensive knowledge and experience.”
The French firm has been involved in the Green Shipping Guarantee programme, demonstrating it’s commitment to alternative maritime solutions.
“The use of LNG as a marine fuel is gradually becoming a global reality,” commented Paul Taylor, Global Head of Shipping Finance at Société Générale Corporate & Investment Banking.
“In line with our wider environmental commitment to promoting greener solutions, Société Générale recognises the benefits of LNG in lowering local pollution and greenhouse gas emissions, when compared with traditional marine fuels.”
“Société Générale 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.”