Tag: green finance

Over the past six months, financial firms in the United Kingdom and the European Union have faced significant pressure to comply with diverging environmental, social, and governance (ESG) rules, according to KPMG's Regulatory Barometer, released on Monday.

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL) announced that it concluded a commitment line agreement through a transition-linked loan with Sumitomo Mitsui Banking Corporation. 

A buzz has surrounded sustainable finance in the shipping industry over the last few years and rightly so. The introduction of the Poseidon Principles in 2019 brought into strong focus the need for financiers to find ways to encourage greener shipping, argues Susan Riitala, Transportation Industry Group partner at global law firm Reed Smith.  

What does “sustainable” mean and what is the role of regulation in helping this “sustainable” finance?

Technology company ZeroNorth announced it has raised over $50 million in investment during its recently concluded Series B investment round. This investment from PSG Equity joins further capital injections from ZeroNorth’s existing investors A.P. Moller Holding and Cargill, who also participated in the round.

WFW experts provide an overview of the Poseidon Principles for Marine Insurance, which entered into force in early May,  with the aim to establish a framework to engage with the shipping industry and support net-zero insurance.

The Asian Shipowners’ Association (ASA) strongly emphasized the importance of R&D funding such as the IMO Maritime Research Fund (IMRF) to advance the industry transition to net-zero.

Maritime decarbonization needs financial instruments, taking into account the needs of developing countries, to ensure no one is left behind. This message was highlighted during a panel debate at the World Oceans Summit on 1st of March which focused on financing shipping decarbonization.

A Dutch project consortium focused on maritime hydrogen applications, announced the receipt of a subsidy of 24.2 million EUR.

Banks are demanding stricter environmental criteria when financing shipping, as investor pressure grows to accelerate going greener.