A global framework for responsible ship finance
The Poseidon Principles provide a global framework for integrating climate considerations into lending decisions to promote international shipping decarbonization.
The Poseidon Principles are the world’s first sector-specific, self-governing climate alignment agreement amongst financial institutions. The Principles establish a global framework for assessing and disclosing the climate alignment of ship finance portfolios. They are consistent with the policies and ambitions of the International Maritime Organization, including its ambition for greenhouse gas emissions to peak as soon as possible and to reduce shipping’s total annual GHG emissions by at least 50% by 2050.
Signatories to the Principles include ABN Amro, BNP Paribas, Bpifrance Assurance Export, Citi, Credit Agricole CIB, Crédit Industriel et Commercial, Credit Suisse, Danish Ship Finance, Danske Bank, Development Bank of Japan, DNB, Export Finance Norway, Finnvera, ING, MUFG Bank, Nordea Bank, OCBC Bank, SACE, SEB, Shinsei Bank, Société Générale, SpareBank 1 SR-Bank, Sparebanken Vest, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing, and Sumitomo Mitsui Trust Bank. Together they represent a bank loan portfolio to global shipping of more than US$185 billion – nearly 50% of the global ship finance portfolio.
The drafting of the Poseidon Principles was led under the auspices of the Global Maritime Forum by a group of global shipping banks – Citi, Societe Generale, and DNB – together with leading industry players – A.P. Møller Mærsk, Cargill, Euronav, Lloyd’s Register, and Watson Farley & Williams – with expert support provided by Rocky Mountain Institute and University College London Energy Institute.
Signatories to the Poseidon Principles are committed to improving the role of maritime finance in tackling shipping’s climate impacts. They believe not only that this step will improve financial institutions’ decision-making at a strategic level but also shape a better future for the maritime industry and society.
You can learn more about the Poseidon Principles at www.poseidonprinciples.org.