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Poseidon Concepts: 15 monetary institutions disclose the weather alignment of their ship finance portfolios

The MarketWatch News Division was not involved in the development of this material.

COPENHAGEN, Dec. 15, 2020 (PR Newswire Europe through COMTEX) —
COPENHAGEN, Dec. 15, 2020 /PRNewswire/ — In a initially-of-a-type weather finance report, 15 Signatories of the Poseidon Concepts disclose the weather alignment score of their ship finance portfolios. The Poseidon Ideas Annual Disclosure Report 2020 exhibits that 3 banks’ ship finance portfolios are aligned with UN decarbonization targets although 12 banks’ portfolios are not. The local climate evaluation presents banks new insight into their lending choices and gives opportunity to work with their transport clientele to fulfill society’s ambitions.

International ship finance confirms its leadership function in global weather finance. Announced in June 2019, the Poseidon Concepts turned the very first sector-specific local climate alignment settlement for monetary establishments. Nowadays, Signatories provide on their motivation and publish the Poseidon Concepts Once-a-year Disclosure Report 2020 – the first sector-distinct climate alignment report of its sort.

The Poseidon Concepts set up a world-wide framework to quantitatively evaluate and disclose irrespective of whether fiscal institutions’ lending portfolios are in line with local climate goals established by UN maritime company, the Worldwide Maritime Organization (IMO). The IMO’s first GHG tactic prescribes that global delivery must decrease its whole yearly greenhouse gasoline emissions by at least 50% of 2008 ranges by 2050, while pursuing zero emissions as soon as possible in this century.

“This report marks a sizeable milestone for global ship finance and for local weather finance reporting as a full. I commend my fellow Signatories for their revolutionary initiatives to be transparent and accountable for their position in marketing dependable environmental habits. I really encourage other major banks and export credit agencies to be a part of us in supporting worldwide seaborne trade in a sustainable method,”states Michael Parker, Chairman, Worldwide Shipping, Logistics and Offshore, Citi, and Chair of the Poseidon Principles Affiliation.

Local weather evaluation will advise potential choice-building

The Poseidon Principles Yearly Disclosure Report 2020 involves climate alignment reporting from 15 economic establishments: ABN Amro, Amsterdam Trade Lender, BNP Paribas, Bpifrance Assurance Export, CIC, Citi, Credit history Agricole CIB, Danish Ship Finance, Danske Bank, DNB, Eksportkreditt Norge, ING, Nordea, Sparbanken Vest, and Societe Generale. Fiscal institutions signing up for the Poseidon Concepts in 2020 are not essential to report in advance of 2021.

The portfolio evaluation builds on 2019 emissions info from delivery clientele as opposed to a decarbonization trajectory for the identical 12 months. It displays that 3 economical institutions’ ship finance portfolios are aligned with the IMO’s preliminary GHG method although 12 banks’ portfolios are not. Much more importantly, the report involves commentary from money establishments on key takeaways from their local climate assessment, and reflections on how it will inform their small business activities and determination-earning in the long run.

“This first weather evaluation reporting gives Signatory financial institutions with a unique comprehending of our ship finance portfolios’ weather footprint. All industry individuals must collectively rise to the weather obstacle. Banking companies less than the Poseidon Concepts will continue on to work proactively with their consumers and other critical stakeholders to shape a greater foreseeable future for worldwide delivery and culture,” states Paul Taylor, Global Head of Shipping and Offshore, Societe Generale, and Vice Chair of the Poseidon Ideas Association.

20 fiscal establishments have joined the Poseidon Concepts. Together, they stand for around US$150 billion in financial loans to worldwide delivery – a lot more than a third of the world-wide transport finance portfolio. The Ideas have been formulated by worldwide financial institutions – Citi, Societe Generale, and DNB – in collaboration with top market players – A.P. MAller MArsk, Cargill, Euronav, Gram Car Carriers, Lloyd’s Sign up, and Watson Farley & Williams – with specialist assistance by the Worldwide Maritime Discussion board, Rocky Mountain Institute, College University London Electricity Institute, and UMAS.

Study morein the Poseidon Principles Yearly Disclosure Report 2020 in this article.

Further more information, Head of Communications, Torben Vemmelund, [email protected], +45 2224 1446


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