Just Seven Poseidon Principles Banks Have Portfolios Aligned With IMO 2050 Goal

by Ship & Bunker News Team
Thursday December 15, 2022

Just seven of 28 Poseidon Principles banks reporting data for 2021 had their shipping portfolios aligned with the IMO's 2050 decarbonisation goal last year.

The Poseidon Principles organisation revealed the figure in its annual disclosure report on Thursday.

Of the 28 banks that reported data on the decarbonisation progress in their shipping portfolios, just seven were aligned with the pathway towards the IMO's goal of a total reduction of GHG emissions from the industry of at least 50% from 2008's levels by 2050.

"We are on a multi-year journey, but with this data we can see our performance, and support our decision-making with insight," Michael Parker, chair of the Poseidon Principles, said in a statement on the organisation's website.

"Reducing GHG emissions has become a priority in the maritime industry, including for ship finance. However, ships have a 20+ year lifecycle.

"It will take time for this trend to be reflected in our portfolios, even with the banks favouring low-carbon projects."

The organisation was launched in 2019 with 11 founding signatory banks, and the total number of lenders signed up is now 30, covering more than 70% of global ship finance.

Ship & Bunker News Team
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