France's public investment bank, Bpifrance, continues to offer financial guarantees for the construction of cruise ships and private jets, despite the country's climate commitments. Bpifrance Assurance Export (BPI AE), a state-backed entity, supports French exports by taking on part of the risk in large or high-risk transactions. This includes cruise ships powered by heavy fuel oil and private jets using kerosene, even as France aims to align its public funding with environmental goals. In 2025, several cruise ships being built at Chantiers de l'Atlantique in Saint-Nazaire received public guarantees, including 848 million euros for one ship and over 1.6 billion euros for three others. By early 2026, Bpifrance guaranteed 912 million euros for the cruise ship RCCL Edge 6. Altogether, more than 6 billion euros in guarantees were tied to six cruise ships. In the aerospace sector, BPI AE also guaranteed financing for aircraft such as the A321neo, A350-900, and Falcon 6X, with some projects still under coverage as of early 2026. At the end of 2024, nearly two-thirds of Bpifrance’s civil credit insurance portfolio—worth 27.36 billion euros—was linked to the cruise and commercial aviation industries, totaling 17.78 billion euros. New commitments in 2024 saw these sectors account for about 90% of new outstanding amounts, or approximately 3.9 billion euros. Bpifrance’s first detailed public report, released in late 2025, estimated the carbon footprint of its civil portfolio at 19.27 million tons of CO2e, with nearly 6.7 million tons from cruise ships and commercial aviation combined. However, the report did not include emissions from the actual use of these aircraft and ships, likely due to a lack of data. Despite identifying itself as the "climate insurance bank," Bpifrance only began focusing on the decarbonization of aerospace and naval sectors in 2024. While France has banned public guarantees for fossil fuel exploration and production since 2023, this restriction does not extend to the machines that consume these fuels. Thus, while new oil fields are excluded from public support, cruise ships and airplanes that will burn these fuels for decades continue to be backed financially. Legal officer Sophie Prinz from Opportunity Green argues that export guarantees should instead support the transition to a fossil fuel-free economy and that the government should account for all emissions from such assets throughout their entire lifecycle. Several major contracts with Chantiers de l'Atlantique, totaling over 5 billion euros, include a note stating that the projects did not undergo environmental and social analysis, despite Bpifrance’s claims that such considerations are part of its guarantee process. At the end of 2024, fossil fuel projects, aviation, and cruising accounted for about 56% of the calculated emissions of the public civil credit insurance portfolio. These sectors also represented nearly 70% of the total outstanding guarantees, totaling 19.2 billion euros out of 27.4 billion. Despite France’s efforts to green its export policies, the continued support for cruise ships and private jets highlights a contradiction in its climate strategy.