March 29, 2024

error page

Business is my step

Poseidon Concepts: 15 fiscal institutions disclose the climate alignment of their ship finance portfolios

3 min read

COPENHAGEN, Dec. 15, 2020 /PRNewswire/ — In a to start with-of-a-form local climate finance report, 15 Signatories of the Poseidon Concepts disclose the local climate alignment score of their ship finance portfolios. The Poseidon Principles Yearly Disclosure Report 2020 displays that 3 banks’ ship finance portfolios are aligned with UN decarbonization targets though 12 banks’ portfolios are not. The weather evaluation presents banks new insight into their lending selections and supplies prospect to do the job with their delivery shoppers to meet up with society’s objectives.

International ship finance confirms its leadership job in worldwide local weather finance. Introduced in June 2019, the Poseidon Concepts grew to become the first sector-unique local climate alignment arrangement for money establishments. Currently, Signatories supply on their commitment and publish the Poseidon Rules Annual Disclosure Report 2020 – the to start with sector-specific local weather alignment report of its kind.

The Poseidon Principles establish a global framework to quantitatively assess and disclose irrespective of whether economic institutions’ lending portfolios are in line with local climate aims set by UN maritime agency, the International Maritime Firm (IMO). The IMO’s preliminary GHG tactic prescribes that worldwide shipping and delivery should lower its whole annual greenhouse fuel emissions by at the very least 50% of 2008 concentrations by 2050, although pursuing zero emissions as quickly as feasible in this century.

“This report marks a important milestone for world-wide ship finance and for local climate finance reporting as a total. I commend my fellow Signatories for their revolutionary initiatives to be clear and accountable for their position in promoting dependable environmental behavior. I encourage other severe financial institutions and export credit companies to sign up for us in supporting worldwide seaborne trade in a sustainable method,” says Michael Parker, Chairman, International Delivery, Logistics and Offshore, Citi, and Chair of the Poseidon Concepts Association.

Local weather evaluation will advise long term choice-producing&#13

The Poseidon Ideas Yearly Disclosure Report 2020 contains local weather alignment reporting from 15 economical establishments: ABN Amro, Amsterdam Trade Financial institution, BNP Paribas, Bpifrance Assurance Export, CIC, Citi, Credit rating Agricole CIB, Danish Ship Finance, Danske Financial institution, DNB, Eksportkreditt Norge, ING, Nordea, Sparbanken Vest, and Societe Generale. Economical establishments becoming a member of the Poseidon Rules in 2020 are not necessary to report just before 2021.

The portfolio assessment builds on 2019 emissions data from shipping and delivery purchasers in contrast to a decarbonization trajectory for the exact yr. It displays that 3 economical institutions’ ship finance portfolios are aligned with the IMO’s initial GHG tactic though 12 banks’ portfolios are not. Far more importantly, the report includes commentary from economical establishments on vital takeaways from their weather evaluation, and reflections on how it will advise their organization activities and choice-earning in the potential.

“This initially climate assessment reporting offers Signatory financial establishments with a special knowing of our ship finance portfolios’ local weather footprint. All sector contributors should collectively increase to the climate problem. Financial institutions under the Poseidon Concepts will go on to operate proactively with their customers and other important stakeholders to condition a much better foreseeable future for international transport and culture,” suggests Paul Taylor, Global Head of Transport and Offshore, Societe Generale, and Vice Chair of the Poseidon Principles Affiliation.

20 fiscal establishments have joined the Poseidon Rules. Jointly, they characterize in excess of US$150 billion in loans to worldwide delivery – additional than a third of the world delivery finance portfolio. The Principles have been designed by international banking companies – Citi, Societe Generale, and DNB – in collaboration with leading field gamers – A.P. Møller Mærsk, Cargill, Euronav, Gram Motor vehicle Carriers, Lloyd’s Sign-up, and Watson Farley & Williams – with expert support by the International Maritime Forum, Rocky Mountain Institute, University University London Power Institute, and UMAS.

Master more in the Poseidon Principles Yearly Disclosure Report 2020 in this article.&#13

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

Cision View original written content:https://www.prnewswire.com/news-releases/poseidon-concepts-15-economical-institutions-disclose-the-local weather-alignment-of-their-ship-finance-portfolios-301191035.html

Source Poseidon Concepts

error-page.com © All rights reserved. | Newsphere by AF themes.