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Poseidon Rules: 15 economic establishments disclose the local weather alignment of their ship finance portfolios

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COPENHAGEN, Dec. 15, 2020 (PR Newswire Europe by means of COMTEX) —
COPENHAGEN, Dec. 15, 2020 /PRNewswire/ — In a initially-of-a-kind climate finance report, 15 Signatories of the Poseidon Ideas disclose the local climate alignment score of their ship finance portfolios. The Poseidon Rules Once-a-year Disclosure Report 2020 demonstrates that 3 banks’ ship finance portfolios are aligned with UN decarbonization targets even though 12 banks’ portfolios are not. The local climate evaluation features banking institutions new perception into their lending selections and gives possibility to function with their delivery clients to fulfill society’s goals.

Intercontinental ship finance confirms its leadership function in global weather finance. Announced in June 2019, the Poseidon Rules turned the to start with sector-distinct weather alignment settlement for monetary establishments. Now, Signatories deliver on their dedication and publish the Poseidon Ideas Yearly Disclosure Report 2020 – the initially sector-certain weather alignment report of its form.

The Poseidon Principles establish a world-wide framework to quantitatively evaluate and disclose irrespective of whether economic institutions’ lending portfolios are in line with local climate plans set by UN maritime agency, the Global Maritime Organization (IMO). The IMO’s initial GHG approach prescribes that global shipping must reduce its full annual greenhouse gasoline emissions by at least 50% of 2008 stages by 2050, whilst pursuing zero emissions as shortly as attainable in this century.

“This report marks a substantial milestone for international ship finance and for climate finance reporting as a whole. I commend my fellow Signatories for their revolutionary initiatives to be clear and accountable for their part in advertising and marketing accountable environmental behavior. I really encourage other major banking institutions and export credit rating businesses to join us in supporting world seaborne trade in a sustainable method,”says Michael Parker, Chairman, World-wide Shipping, Logistics and Offshore, Citi, and Chair of the Poseidon Ideas Affiliation.

Local weather assessment will tell future selection-generating

The Poseidon Principles Once-a-year Disclosure Report 2020 consists of climate alignment reporting from 15 fiscal establishments: ABN Amro, Amsterdam Trade Lender, BNP Paribas, Bpifrance Assurance Export, CIC, Citi, Credit history Agricole CIB, Danish Ship Finance, Danske Financial institution, DNB, Eksportkreditt Norge, ING, Nordea, Sparbanken Vest, and Societe Generale. Fiscal institutions becoming a member of the Poseidon Ideas in 2020 are not required to report prior to 2021.

The portfolio assessment builds on 2019 emissions details from shipping consumers in comparison to a decarbonization trajectory for the very same calendar year. It demonstrates that 3 money institutions’ ship finance portfolios are aligned with the IMO’s preliminary GHG tactic though 12 banks’ portfolios are not. Much more importantly, the report contains commentary from economic institutions on key takeaways from their climate evaluation, and reflections on how it will inform their company routines and selection-creating in the long run.

“This initially local weather evaluation reporting presents Signatory money institutions with a one of a kind knowing of our ship finance portfolios’ local climate footprint. All marketplace participants must collectively rise to the local weather obstacle. Banks less than the Poseidon Ideas will continue to function proactively with their shoppers and other crucial stakeholders to condition a far better upcoming for international transport and modern society,” claims Paul Taylor, World Head of Transport and Offshore, Societe Generale, and Vice Chair of the Poseidon Rules Association.

20 fiscal institutions have joined the Poseidon Rules. Jointly, they stand for around US$150 billion in loans to global transport – a lot more than a 3rd of the world-wide shipping finance portfolio. The Principles ended up developed by international banking institutions – Citi, Societe Generale, and DNB – in collaboration with top industry gamers – A.P. MAller MArsk, Cargill, Euronav, Gram Auto Carriers, Lloyd’s Register, and Watson Farley & Williams – with expert help by the Worldwide Maritime Forum, Rocky Mountain Institute, College Higher education London Energy Institute, and UMAS.

Study morein the Poseidon Principles Yearly Disclosure Report 2020 right here.

Even further data, Head of Communications, Torben Vemmelund, [email protected], +45 2224 1446


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