Launch of the Poseidon Principles in June 2019 A first-of-a-kind climate finance report has been disclosed by the 15 bank signatories of the Poseidon Principles, showing that the average decarbonisation trajectory fell short of IMO’s initial greenhouse gas (GHG) emissions target.
The assessment by each signatory includes emissions data collected from clients and the portfolio information from 2019, compared to a decarbonisation trajectory for the same year.
It shows that three financial institutions’ ship finance portfolios are aligned with IMO’s initial GHG strategy, representing 20% of the results, while 12 banks’ portfolios are not.
The IMO’s initial GHG strategy aims for international shipping to reduce its total annual GHG emissions by at least 50% of 2008 levels by 2050, whilst pursuing efforts towards phasing GHG emissions out as soon as possible in this century.
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Poseidon Principles: 15 financial institutions disclose the climate alignment of their ship finance portfolios
COPENHAGEN, Dec. 15, 2020 /PRNewswire/
In a first-of-a-kind climate finance report, 15 Signatories of the Poseidon Principles disclose the climate alignment score of their ship finance portfolios. The Poseidon Principles Annual Disclosure Report 2020 shows that 3 banks ship finance portfolios are aligned with UN decarbonization targets while 12 banks portfolios are not. The climate assessment offers banks new insight into their lending decisions and provides opportunity to work with their shipping clients to meet society s goals.
International ship finance confirms its leadership role in global climate finance. Announced in June 2019, the Poseidon Principles became the first sector-specific climate alignment agreement for financial institutions. Today, Signatories deliver on their commitment and publish the Poseidon Principles Annual Disclosure Report 2020 - the firs