One of the founders of shipping’s key green finance move, the Poseidon Principles, has said he expects the vast majority of shipping banks to sign up to the initiative soon.
Speaking at the Global Maritime Forum’s annual summit in Singapore yesterday, Citi’s Michael Parker said he expects between 80-90% of all serious shipping banks to become signatories to the Poseidon Principles, including Asian companies, within the next 12 months.
The Poseidon Principles, announced this June, is the first shared standard for banks to measure and disclose climate risk in shipping. The 11 founding bank signatories with more than $100bn in shipping debt are Citi, Societe Generale, DNB, ABN Amro, Amsterdam Trade Bank, Credit Agricole CIB, Danish Ship Finance, Danske Bank, DVB, ING and Nordea.
The Poseidon Principles has established a common baseline to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals, which also serves as an important tool to manage critical investment risks, and the principles are intended to evolve over time as the International Maritime Organization adjusts its policies and regulations and when further adverse environmental and social impacts are identified for inclusion.
We expect between 80-90% of all serious shipping banks to become Signatories to the #PoseidonPrinciples within the next 12 months, says Michael Parker at the Global Maritime Forum's Annual Summit in a panel discussion with Kristin Holth and Paul Taylor #TakingTheLead pic.twitter.com/uMAi2eep1T
— GlobalMaritimeForum (@glmforum) October 30, 2019