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Signatories to the Poseidon Principles make changes to align with new IMO targets

Photo of Sam Chambers Sam ChambersOctober 2, 2023
1,216 1 minute read

The 30 banking signatories to the Poseidon Principles, a global green ship finance framework, have made the decision to align their reporting with the new climate goals agreed at the Marine Environment Protection Committee (MEPC) gathering held this July at the headquarters of the International Maritime Organization.

“[T]his update signifies the dedication of 30 leading shipping banks to support the maritime sector’s transition towards a sustainable, low-carbon future,” a release from the group stated today.

The updated trajectories and new alignment are in line with the IMO’s latest ambition to reach net-zero greenhouse gas emissions in the shipping sector close to 2050, including indicative checkpoints in 2030 and 2040 on a well-to-wake basis. The reporting scope will be expanded to include all greenhouse gases and to account for well-to-wake emissions. Further details on the changes will be released soon.

Photo of Sam Chambers Sam ChambersOctober 2, 2023
1,216 1 minute read
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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