SIMIC

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.

Among other initiatives, the company will develop a biomethane production and liquefaction project to produce up to 100,000 tonnes by 2025, with the possibility of doubling output by 2027, it said.

CMA CGM also referred to a joint plan announced in June to partner energy group Engie in the production of 11,000 tonnes per year of biomethane in France starting in 2026.

Marseilles-based CMA CGM, privately controlled by the Saade family, also reported second-quarter net profit more than doubled to US$7.6 billion, also surpassing the first quarter.

Its soaring profits prompted the French government to call on the company this year to help to cushion inflationary pressures. CMA CGM responded with shipping rate discounts for cargoes to France.