Poseidon Principles’ Report Reveals Climate-Aligned Shipping Finance

• The Poseidon Principles’ 2023 Annual Disclosure Report showcases alignment with the IMO’s revised greenhouse gas strategy, committing to net-zero emissions by 2050 and achieving milestones by 2030 and 2040.
• Despite industry challenges, the report demonstrates progress in climate alignment, marking a significant step in transparent and environmentally conscious ship finance.
• Led by the Global Maritime Forum, this report reflects the maritime finance sector’s pivotal role in steering the industry towards sustainability.

Words Of Chairman- Michael Parker

“As its first-ever assessment of climate alignment against multiple decarbonization trajectories aligned with the revised IMO ambition but also showing progress against the initial IMO ambition, the 2023 annual report illustrates how the Poseidon Principles aim to remain at the forefront of the latest global evidence and developments, especially at the IMO, even in the absence of all practical tools like the final IMO emission factors guidelines,” said Michael Parker, Poseidon Principles Chair and Chairman of Global Shipping, Logistics and Offshore, Citi.

“By committing to net-zero emissions by 2050 and establishing emission reduction checkpoints to report against, the Poseidon Principles are not just meeting regulatory standards; we are setting the bar higher for responsible and environmentally conscious ship finance.”

Decarbonization Triumphs

Poseidon Principles impact shipping’s decarbonization despite industry challenges. The report shows progress in surpassing IMO’s 50% CO2 reduction target. Average score exceeds trajectory by +2%, an improvement from +9.7% last year.

Paul Taylor’s Words

“The reporting percentage of +95.4% stands as a testament to the strong endorsement from shipowners and clients, indicating a growing trend in which industry stakeholders recognize and value the advantages associated with a more transparent and collaborative approach,” said Paul Taylor, Poseidon Principles Vice Chair and Global Head of Maritime Industries, Société Générale.

“While Poseidon Principles signatories acknowledge significant challenges ahead, especially with the new IMO ambition to achieve net-zero by 2050, there is a collective sense of urgency, momentum and recognition of the task at hand.”