World News
Poseidon Principles to Include 1.5C Rise as Benchmark
The green ship finance initiative, the Poseidon Principles, is to further tighten its environmental benchmarking to include meeting the 1.5C cap on global temperature.
The initiative, which links the provision of finance to a shipowner's green profile, is already aligned with the IMO's 2050 target to cut 50% global shipping greenhouse gas emissions.
In the future, signatories will benchmark their portfolios against two trajectories.
"The new commitment means that once a new trajectory based on credible and well-recognized sources is established and adopted by the members of the individual initiatives,signatories will benchmark their portfolios against two trajectories: one aligned with the IMO's 50% reduction by 2050, and one aligned with net-zero by 2050 and a maximum temperature rise of 1.5C above pre-industrial levels by 2100," the initiative said in a statement.
"For the second trajectory to be consistent with a 1.5C future, the scope will be expanded to include all greenhouse gas species, and to account for well-to-wake emissions," it added.
Signatories to the Poseidon Principles include Citibank, Societe Generale, ABN Amro and Nordea.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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