ECOLOGICAL DIVIDENDS, CLIMATE DIVIDENDS, CLIMATE VALUE
 What is the validity of these financial tools with regard to climate change and sustainable development?
 INTRODUCTION
 This issue of our newsletter focuses on the dissemination of new concepts developed by companies that wish to highlight their commitments to the reduction of greenhouse gases or more generally their societal commitments.
 The idea of the ecological dividend (MAIF), or societal dividend (Crédit Mutuel) seeks to initiate a positive reaction by readers, "finally, an action that promotes the climate and the environment, BRAVO" says the average member. What's in this concept? “It's decided, we dedicate 10% of our annual profit to climate solidarity and biodiversity regeneration actions,” the marketing documents proudly announce.
 INTRODUCTION..2​​
 1- THE BACKGROUND .. 2
 2- The Law ... 2
 3- Contents: MAIF's ecological dividend and Crédit Mutuel's societal dividend .. 2
 4.1- THE ECOLOGICAL DIVIDEND OF MAIF .. 3
 4.2- THE SOCIAL DIVISION OF CRÉDIT MUTUEL NORD .. 3
 5- Climate Dividends .. 5
 5.1- A technical and normative starting point: avoided emissions . 5
 5.2- CONFUSION OF TERMS .. 7
 5.3- TECHNICAL DATA on avoided emissions . 7
 5.3.1- The concept of perimeter . 7
 5.3.2- AVOIDED EMISSIONS TO ZERO CARBON .. 10
 6- CLIMATE DIVIDENDS .. 11
 7- Climate Value .. 13
 Corporate Carbon Value . 13
 A tool of the public authorities: the tutelary carbon value 14