(www.MaritimeCyprus.com) The Poseidon Principles have emerged as a catalyst for sustainable finance in the maritime industry, driving positive change and fostering collaboration among financial institutions, shipowners, and other stakeholders. As the world moves towards a low-carbon future, the principles will remain instrumental in guiding investments towards environmentally responsible shipping assets and facilitating the transition to a more sustainable and resilient maritime sector.
The Poseidon Principles, launched in June 2019, represent a collaborative effort among leading financial institutions to integrate climate considerations into lending decisions for shipping assets. The initiative aims to align the maritime industry with international climate goals, specifically the IMO’s target to reduce greenhouse gas emissions by at least 50% by 2050 compared to 2008 levels. As of the end of 2023, the Poseidon Principles have gained significant traction within the industry, with a growing number of financial institutions endorsing and implementing its principles.
Representing around 80% of the global ship finance portfolio, the Poseidon Principles present their fifth annual report, which for the second time, compares 35 signatories climate alignment scores against the 2023 IMO GHG Strategy which aims for net-zero emissions from international shipping by or around 2050.
Find out more, by accessing the full report below:
Source: Poseidon Principles
