Top Japanese lenders join shipping industry scheme to cut carbon
Leading Japanese lenders have joined an initiative that links the provision of shipping finance to cuts in carbon dioxide emissions as the sector accelerates efforts to go green.
In recent weeks, Shinsei Bank Ltd, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing and MUFG Bank have signed up to the scheme, the banks said.
With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world’s CO2 emissions.
In 2019, a group of leading banks signed up to environmental commitments known as the “Poseidon Principles”, whereby financiers would take account of efforts to cut CO2 emissions when providing loans to shipping companies.
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By Jonathan Saul (Reuters) – Leading Japanese lenders have joined an initiative that links the provision of shipping finance to cuts in carbon dioxide emissions as the sector accelerates efforts to go green.
In recent weeks, Shinsei Bank Ltd, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing, and MUFG Bank have signed up to the scheme, the banks said.
With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world’s CO2 emissions.
In 2019, a group of leading banks signed up to environmental commitments known as the “Poseidon Principles”, whereby financiers would take account of efforts to cut CO2 emissions when providing loans to shipping companies.
Calvert to build new electric arc furnace for steel sheet manufacturing in Alabama
17 Mar 2021 |
Michael Marray
Japan Bank for International Cooperation (JBIC) has signed a US$465 million loan agreement with AM/NS Calvert, a US-based joint venture between Nippon Steel Corporation and Luxembourg-based ArcelorMittal. The loan is co-financed with Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to US$775 million.
The loan is intended to provide the funds required by Calvert to build a new electric arc furnace (EAF) for its steel sheet manufacturing and sales business in Alabama.
The United States is the world’s second-largest consumer of steel products. It has a stable demand for steel products for automobiles, including from Japanese manufacturers, infrastructure and other purposes, JBIC says.
Another Asian banker joins Poseidon Principles offshore-energy.biz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from offshore-energy.biz Daily Mail and Mail on Sunday newspapers.
Leading Japanese lenders have joined an initiative that links the provision of shipping finance to cuts in carbon dioxide emissions as the sector accelerates efforts to go green.