ECOLOGICAL DIVIDENDS, CLIMATE DIVIDENDS, CLIMATE VALUE
 What is the validity of these financial tools with regard to climate change and sustainable development?
 This issue of our newsletter focuses on the dissemination of new concepts or the resumption of old concepts such as natural capital taken into account by companies wishing to highlight their commitments to reducing greenhouse gases.
 The idea of the ecological dividend (MAIF), or societal dividend (Crédit Mutuel) seeks to initiate a positive reaction from readers, “finally, an action that promotes the climate and the environment, BRAVO” says the average member . What does this concept contain? “It’s decided, we are devoting 10% of our annual profit to actions of climate solidarity and regeneration of biodiversity” proudly announces the marketing documents.
 INTRODUCTION..2​​
 1- THE CONTEXT .. 2
 2- The law .. 2
 3- Content: the ecological dividend of MAIF and the societal dividend of Crédit Mutuel .. 2
 4.1- THE ECOLOGICAL DIVIDEND OF MAIF .. 3
 4.2- THE SOCIETAL DIVIDENCE OF CREDIT MUTUEL NORD .. 3
 5- Climate dividends .. 5
 5.1- A technical and normative starting point: avoided emissions . 5
 5.2- THE CONFUSION OF TERMS .. 7
 5.3- TECHNICAL DATA relating to avoided emissions . 7
 5.3.1- The concept of perimeter . 7
 5.3.2- AVOID ZERO CARBON EMISSIONS .. 10
 6- CLIMATE DIVIDENDS .. 11
 7- Climatic Value .. 14
 Corporate carbon value . 14
 A tool of public power: the tutelary carbon value 15