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