The recently-launched Poseidon Principles are a huge leap towards decarbonization, highlighting that all sectors, not only shipping, can take part in the path towards a greener future; Michael Parker Chairman, Global Shipping, Logistics & Offshore Citi, speaking at Global Maritime Forum’s Annual Summit 2019 added that they expect an 80-90% of all shipping banks to become Signatories to the Poseidon Principles in the following year.
The Poseidon Principles are in line with the policies and ambitions of the Initial GHG Strategy adopted in April 2018 by the IMO. Including 11 Signatories, they specifically set out a common baseline to quantitatively assess and reveal if financial institutions’ lending portfolios are complying with adopted climate goals.
In addition, the Poseidon Principles can be applied to lenders, relevant lessors, and financial guarantors including export credit agencies.
The founding Signatories of the Poseidon Principles are the following:
- Citi
- Societe Generale Societe Generale
- DNB
- ABN AMRO
- Amsterdam Trade Bank (ATB)
- Credit Agricole Corporate and Investment Bank (Credit Agricole CIB)
- Danish Ship Finance
- Danske Bank
- DVB
- ING
- Nordea
During the Global Maritime Forum’s Annual Summit in Singapore, Michael Parker noted that the principles are a collaborative effort from all the stakeholders to ensure that the world will safely and surely follow the path of sustainability.
We wish to align our portfolios with the goal of IMO, along with what is really important for us; our confidential bilateral relations with shipping … What we are doing here and we should all be very proud of this, we are leading from the front.
… Mr Parker stated.
He further added that the Signatories of the Principles are moving the tide, in line with today’s changes and are careful that the decisions they take will positively impact the future.
In June, when the principles were launched, the environmental experts and the NGOs, asked other industries to take the lead or follow the lead that we took; similar to what the bank regulators are saying today … we should all be part of it, not just the banks.
Accompanying Mr Parker, Paul Taylor, Managing Director, Global Head of LNG Shipping and Offshore, Société Générale London, highlighted that
Sustainability includes many words: discipline, responsibility and transparency and the Poseidon principles addresses all of those.
Speaking during the Annual Summit he focused on the fact that to fully-achieve IMO’s GHG strategy, the Signatories have to look at the transactional portfolio, watching much more new businesses with greener vessels and technology developing, then they will all align themselves and be compliant.
Concluding, Société Générale, Crédit Agricole and Global Maritime Forum presented the Poseidon Principles on July 23, at the French Ministry for the Ecological and Solidary Transition.
