(www.MaritimeCyprus.com) This is the first time that the Poseidon Principles for Marine Insurance publicly report climate alignment scores based on its members' individual efforts.
The Poseidon Principles for Marine Insurance framework enables members to track the maritime industry’s progress towards a decarbonised economy and enhance transparency.
During this first year of the Poseidon Principles for Marine Insurance, firms have started to independently implement the Principles in their internal procedures, work in partnership with their clients, and learn from each other. Meanwhile, the Poseidon Principles for Marine Insurance have also grown in numbers, from 14 Signatories and Affiliate members at launch, to 18 players in the global marine insurance ecosystem.
The Poseidon Principles for Marine Insurance acknowledge that the international shipping industry’s efforts to decarbonise are a massive endeavor that can only be achieved if all actors are on board. As marine insurers, our role is to provide the support and risk mitigation needed. The Poseidon Principles for Marine Insurance allow us to play this role on a sound foundation based on actual CO2 emissions data.
In addition to data sharing and transparency, the Principles establish common baselines to measure the climate alignment of hull and machinery portfolios.
Thus, in this report, Signatories compare the carbon intensity of their marine portfolios against two trajectories: the first one is the International Maritime Organization’s ambition of reducing shipping’s total annual greenhouse gas (GHG) emissions by at least 50% by 2050 compared to 2008 (“50% CO2 reduction trajectory”). The second one takes a step further toward alignment with the Paris Agreement, to achieve net-zero GHG emissions by 2050, and to limit global warming to below 2°C, preferably to 1.5 °C (“100% CO2
reduction trajectory”).
Find out more, by accessing the full report below:
Source: Poseidon Principles
