The Poseidon Principles have committed to adopting an emissions reduction trajectory in line with net-zero commitments, as soon as such a trajectory or trajectories become available.
The new commitment means that, once a new trajectory based on credible and well-recognized sources is established and adopted by the members of the individual initiatives, Signatories will benchmark their portfolios against two trajectories: one aligned with the IMO’s 50% reduction by 2050, and one aligned with net-zero by 2050 and a maximum temperature rise of 1.5C above pre-industrial levels by 2100, to meet the temperature goals of the Paris Agreement.
For the second trajectory to be consistent with a 1.5C future, the scope will be expanded to include all greenhouse gas species, and to account for well-to-wake emissions.
The members of the initiatives collectively committed to the following:
- Establishing an emissions trajectory in line with net-zero commitments, and annually measuring and reporting the emissions profile of our activities.
- Using widely accepted science-based decarbonization scenarios that are aligned with net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5°C above preindustrial levels by 2100, to meet the temperature goals of the Paris Agreement. The scenarios shall come from credible and well-recognized sources, and we will provide a rationale for the chosen scenario.
- Publicly disclosing the climate alignment of our shipping portfolios to support meeting the temperature goals of the Paris Agreement.
The urgency is clear. Because of the role that shipping plays in the global economy, we must accelerate our ambition towards the Paris Agreement’s 1.5C temperature goal. This new ambition will allow the Poseidon Principles to continue playing our role in incentivizing and supporting the decarbonization of shipping
said Michael Parker, Chairman, Global Shipping, Logistics & Offshore, Citi and Chair of the Poseidon Principles for Financial Institutions.
Currently, the Poseidon Principles are aligned with IMO’s ambition to reduce GHG emissions from international shipping by at least 50% by 2050, and they also benchmark against an emissions reduction trajectory in line with a 100% reduction by 2050.
Access to real emissions data through the Poseidon Principles creates tangible impact in our business as well as in the real economy. Establishing common global decarbonization trajectories will help us make business decisions that reflect the latest available climate science. This is the right thing for us to do
added Patrizia Kern-Ferretti, Head Marine, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.
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