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Poseidon Principles Align Shipping Finance Reporting with Ambitious New IMO Climate Goals

Tuesday, 03 October 2023 | 00:00
The Poseidon Principles are pleased to announce a significant revision to their framework for evaluating and reporting financial institusions’ shipping porolios’ alignment with climate-related objectives. Following the IMO’s GHG revised strategy adopted during MEPC80 in July 2023, this update signifies the dedication of 30 leading shipping banks to support the maritime sector’s transi:on towards a sustainable, low-carbon future. See the list of 30 Signatories here.

From their incep:on, the Poseidon Principles for Financial Ins:tu:ons were designed to be a living framework, evolving con:nually to meet the dynamic challenges of climate change. Through regular reviews, they ensure their con:nued relevance and effec:veness.

“In 2019, when we launched the Poseidon Principles, we chose to be transparent in our por Logis4cs and Offshore, Ci4. “Our focus is on working with our clients to help them to a greener, more sustainable maritime future through the energy transi:on to net zero once the fuels, ships and technology are available at scale.”

Their current alignment with the IMO’s latest ambition to reach net-zero greenhouse gas emissions in the shipping sector close to 2050, including indica:ve checkpoints in 2030 and 2040 on a well-to-wake basis, demonstrates their adaptability and unwavering commitment to staying at the forefront of climate ac:on. This aims to accelerate the peak of greenhouse gas (GHG) emissions from interna:onal shipping and strive for net-zero emissions by or around 2050, compared to 2008, with interim targets set for 2030 and 2040.

“The Poseidon Principles’ revisions go beyond mere repor:ng; they provide financial institutions with invaluable data-driven insights,” said Paul Taylor, Vice Chair of the Poseidon Principles and Global Head of Mari4me Industries, Société Générale. “These insights empower them to be`er support their clients on their journey towards decarbonisa:on. The updated trajectories will empower Poseidon Principles’ signatories to elevate their ambi:on levels in measuring and repor:ng emissions. It’s a clear demonstra:on of their commitment to not just mee:ng but collaboratively advancing climate goals.” The repor:ng scope will be expanded to include all GHG species and to account for well-to-wake emissions1, aligning with the IMO revised ambition. More detailed informa:on will be provided in the fourth Annual Disclosure Report, published at the end of 2023. The IMO’s evolving ambition is propelling us closer to a 1.5°C future. As they concentrate on enac:ng this forward-looking strategy, the Poseidon Principles have postponed the introduc:on of an extra pathway for measuring climate alignment with a 1.5°C future until 2024, in harmony with the processes of the Net-Zero Banking Alliance (NZBA).

“Decarbonising shipping requires urgent, large-scale cross-sector collabora:on and government and interna:onal regulator support,” said Stephen Fewster, Treasurer of the Poseidon Principles and Managing Director and Global Head of Shipping. “To maximise our impact and enhance transparency, the Poseidon Principles ini:a:ves must con:nue to expand. We invite key players in this global effort to join hands and navigate towards a greener horizon together.”
Source: the Poseidon Principles

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