Development Bank of Japan (DBJ) announced that it became a signatory to the Poseidon Principles. DBJ will now disclose the yearly contribution of its ship finance to the reduction of greenhouse gas emissions.
DBJ is also promoting the GRIT Strategy, part of its Fifth Medium-Term Management Plan, as a means of contributing to a sustainable society through investment and finance.
Our participation in the Principles is linked to the GRIT Strategy, and we shall be active in promoting both. DBJ’s corporate philosophy is to “apply financial expertise to design the future: to open up new frontiers as we resolve the issues of our clients and the community while promoting sustainable development for Japan and the world
The Principles are a voluntary initiative established by European and U.S. financial institutions to promote achievement of climate change targets in the maritime industry, for which the IMO set medium- and long-term targets for greenhouse gas emissions reductions.
Signatory financial institutions calculate and disclose the contribution of their overall ship finance to emissions reductions each year on the basis of these targets.
In addition, the Greece-based METIS Cyberspace Technology is about to launch shipping’s first tool to predict the trade-off between emissions reduction and debt servicing for ships financed under the Poseidon Principles.