Standard Chartered Joins an industry initiative to reduce carbon emissions in the shipping sector Standard Chartered announced today that it has become a signatory to the Poseidon Principles, a global framework that aims to align carbon emissions in the shipping industry with the international targets set by the United Nations. According to the International Maritime Organisation (IMO, a United Nations agency that regulates shipping), maritime transport emits around 940 million tonnes of carbon annually and is responsible for around 2.5 per cent of global greenhouse gas emissions. Standard Chartered and the other 25 bank signatories – who commit to track, monitor and drive down emissions in their shipping portfolios – together hold a global shipping loan portfolio of more than USD185 billion. This represents around 50 per cent of all shipping finance globally, making the Poseidon Principles initiative a significant contributor to tackling climate change.