Standard Chartered announced today that it has become a signatory to the Poseidon Principles, a global framework that aims to align carbon emissions in the shipping industry with the international targets set by the International Maritime Organization.
The Poseidon Principles, launched in 2019, are a commitment between banks and the shipping industry to cut emissions from maritime transport, with two key goals set by the IMO: To reduce carbon emissions compared to 2008 by at least 40% by 2030 and by at least 50% by 2050.
The 26 bank signatories hold a global shipping loan portfolio of more than $185bn, representing 50% of all shipping finance
Standard Chartered and the other 25 bank signatories – who commit to track, monitor and drive down emissions in their shipping portfolios – together hold a global shipping loan portfolio of more than $185bn, representing around 50% of all shipping finance globally.
Abhishek Pandey, global head of shipping finance at Standard Chartered, said: “Cutting carbon emissions in the shipping sector is crucial in curbing the worst effects of climate change and achieving net-zero. As a bank that specialises in financing world commerce and the enablers of global trade, signing up to the Poseidon Principles is therefore an important addition to our existing efforts to reduce our financed emissions.”