INTRODUCTION..2​​
 1. THE BACKGROUND..2​
 2. THE FRENCH LAW (SIMILAR IN SEVERAL COUNTRIES) . 2
 3. CONTENTS: MAIF'S ECOLOGICAL DIVIDEND AND CRÉDIT MUTUEL'S SOCIETAL DIVIDEND .. 2
 4. THE ECOLOGICAL DIVIDEND OF MAIF .. 3
 4.1. A timid step forward: . 3
 4.2. THE SOCIAL DIVISION OF CRÉDIT MUTUEL NORD .. 4
 5. Climate Dividends . 5
 5.1- A technical and normative starting point: avoided emissions . 6
 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 .. 11
 6. CLIMATE DIVIDENDS .. 12
 7. CLIMATE VALUE .. 14
 7.1. Corporate Carbon Value . 14
 7.2. A tool of the public authorities: the tutelary carbon value 15