The Poseidon Principles for Financial Institutions has announced an expansion with Swedbank being its newest signatory.
By joining the Poseidon Principles for Financial Institutions, Swedbank affirms its commitment to supporting and influencing the continued decarbonisation efforts of the shipping industry.
Do you know what Poseidon Principles stand for?
Launched in New York on 18 June 2019, the Poseidon Principles set a global benchmark for what it means to be a responsible bank in the maritime sector and provide actionable guidance on how to achieve this. For instance, considering the hot topic of shipping emissions reduction, the Poseidon Principles closely follow the policies and ambitions of IMO’s 2018 Initial Strategy, which eyes reduction of shipping’s total annual GHG emissions by at least 50% by 2050. Making access to finance conditional upon the level of compliance with environmental measures seeks to encourage ‘greener’ ships in the industry.
The Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the ambition to support and facilitate the decarbonisation of the shipping industry.
Covering more than 80% of the global ship finance portfolio, the Poseidon Principles now boasts 35 signatories from diverse geographies.
We are proud and happy to have signed up to the Poseidon Principles, the main reference for climate alignment of ship finance. This adds to the list of sectors in which the bank measures its environmental impact, further strengthening our commitment to helping our customers become more sustainable.
… said Johanna Fager Wettergren, Head of Group Sustainability
Founded over 200 years ago, Swedbank’s roots are firmly planted in the history of Sweden’s savings banks and its cooperative agricultural bank tradition, a history that informs its work today. As a leading bank with over 7 million private customers and 600,000 corporate customers in four home markets: Estonia, Latvia, Lithuania and Sweden.
The Poseidon Principles are pleased to welcome Swedbank as their 35th signatory. Evolving our framework in line with the IMO revised strategy encourages the expanded participation of financial institutions worldwide. Swedbank’s own sustainability agenda exemplifies this commitment.
… said said Michael Parker, Poseidon Principles Chair and Chairman of Global Shipping, Logistics and Offshore, Citi
