A global framework for responsible ship finance
We are proud to announce the Poseidon Principles – a new global framework for responsible ship finance. It is the important next step after the commitment of 55 industry leaders at our Annual Summit in Hong Kong to work together towards shipping’s decarbonization.
The Poseidon Principles are the world’s first sector-specific, self-governing climate alignment agreement amongst financial institutions. They establish a global framework for assessing and disclosing the climate alignment of ship finance portfolios and 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.
Founding Signatories of the Principles include Citi, DNB, Societe Generale, ABN Amro, Amsterdam Trade Bank, Credit Agricole CIB, Danish Ship Finance, Danske Bank, DVB, ING and Nordea. Together they represent a bank loan portfolio to global shipping of approximately $100 billion – around 20% of the global ship finance portfolio. Additional banks are expected to join them in the near future.
The drafting of the Poseidon Principles was led under 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 and members of the Poseidon Principles drafting group are committed to improving the role of maritime finance in tackling shipping’s climate impacts. They believe that this step will not only improve financial institutions’ decision-making at a strategic level but also shape a better future for the maritime industry and for society.
You can learn more about the Poseidon Principles at www.poseidonprinciples.org.