Tag: Poseidon Principles

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 Poseidon Principles welcomed CaixaBank as the latest Signatory and the first Spanish bank to join.

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 Poseidon Principles for Marine Insurance announced that they are now entering into force, after the number of its Signatories surpassed the threshold of eight, with Navium and AXA XL being the latest Signatories.

Adopted in 2019, the Poseidon Principles were excitingly accepted as they set the first global framework for adding climate considerations into lending decisions.

11 out of 23 ship finance portfolios are aligned with the IMO’s decarbonization target, according to the  Poseidon Principles Annual Disclosure Report 2021. In fact, during 2020, only 20% of reporting Signatories were aligned with this goal. 

ESG stands for Environmental, Social and Governance and in a business setting it can be translated into the sustainability practices in the company's business model. Further to this, according to PwC, recent trends in ESG performance are now impacting the decisions of investors in the capital market and the ability of shipping companies to access financing.

Maritime Strategies International has added an Annual Efficiency Ratio (AER) calculation of vessel CO2 emissions in its HORIZON asset valuation platform.

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.

Standard Chartered has become a signatory to the Poseidon Principles, the framework that aims to align carbon emissions in the shipping industry with the international targets set by the UN.