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© Alexey Lesik / Adobe Stock Many of the world’s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday. Global shipping accounts for nearly 3% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea. Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principles, whereby financiers take account of efforts to cut CO2 emis...

Poseidon Principles signatories release their 1st green financing report December 16, 2020, by Jasmina Ovcina The first disclosure report from the 15 signatories of the Poseidon Principles shows that the ship finance portfolios of three banks are aligned with the UN decarbonization targets while those of the remaining 12 banks are not. The climate assessment offers banks new insight into their lending decisions and the climate alignment score of their ship finance portfolios. The portfolio assessment builds on 2019 emissions data from shipping ...

SEB signs the Poseidon Principles SEB has signed the Poseidon Principles, joining a group of world leading shipping banks in a new global framework for responsible ship finance.  The Poseidon Principles are consistent with the policies and ambitions of the International Maritime Organization, a UN agency responsible for regulating shipping globally, including its ambition for GHG emissions to peak as soon as possible and to reduce the total annual GHG emissions by at least 50% by 2050 compared to 2008. SEB’s first reporting of the climate alignment of our shipping portfolio will be in 2021...

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...

Ship finance lenders fall short of sector's carbon targets in 2019 Reuters 16/12/2020 By Jonathan Saul LONDON (Reuters) - Many of the world's biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday. Global shipping accounts for nearly 3% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea. Last year, a group of leading banks signed up to environmental commi...