Poseidon Principles

More Lenders Back Initiative To Factor CO2 Cuts Into Shipping Finance

  • A group of leading banks signed up to environmental commitments known as the “Poseidon Principles”.
  • Global shipping accounts for 2.2% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. 
  • Recent study, at least $1 trillion of investment would be needed to enable the shipping industry to meet the IMO’s 2050 targets.
  • The 17 lenders involved represent at least $140 billion of the total global shipping finance portfolio.

More hands join the...

http://mfame.guru/more-lenders-back-initiative-to-factor-co2-cuts-into-shipping-finance/

Shippings Decarbonization Plan Hinges on Ship Cargo!

Banker Michael Parker
  • Decarbonization needs massive support from the cargo side
  • Along with banks charters will play a key role in managing emission data
  • IMO needs to change the ship emission data revealing rule in the next 2 years
  • As ship emission data demands rise companies like Shell and Cargill will refuse to charter ships unless there’s data in the public domain.
  • Poseidon Principles is changing ship financing forever as the focus shifts to Asian banks rather than relying on European banks.
  • Global finance is in...

http://mfame.guru/shippings-decarbonization-plan-hinges-on-ship-cargo/

Poseidon Principles Use Ship Finance To Reduce Emissions

  • The Poseidon Principles are the first global climate alignment agreement between financial institutions and the shipping industry.
  • Aim is to cut greenhouse gas (GHG) emissions in shipping by at least 50% by 2050 compared with 2008 levels.
  • Banks have invested over USD 400 billion in over 70,000 commercial ships that are currently on the oceans.
  • Poseidon Principles enables lenders and banks to continue to approach shipping competitively, while working collaboratively to promote environmental...

http://mfame.guru/poseidon-principles-use-ship-finance-to-reduce-emissions/

Leading Ship Finance Banks Prefer Environmentally Friendly Vessels

Shipping companies look in to every corner to reduce their carbon footprint as pressure increases, reports Reuters.

Demands to slash emissions 

From higher-quality paint to state-of-the-art propellers, shipping companies are looking in every corner to reduce their carbon footprint as investors and activist pressure increases.

The move comes as aviation and shipping firms face demands to slash emissions due to their reliance on oil. 

Maritime emissions 2% more

The two sectors are expected to account...

http://mfame.guru/leading-ship-finance-banks-prefer-environmentally-friendly-vessels/

What Does the Global Maritime Forum Promise for the Future of Shipping?

The Global Maritime Forum’s annual summit took place in Singapore, capping off a year highlighting the “highs” and “lows” in the shipping industry, reports Seatrade Maritime News.

Getting to Zero coalition

The first summit of Global Maritime Forum, outside Copenhagen, was held in Hong Kong last year, and it has certainly succeeded in attracting global attention from at least a portion of the industry.

This year has seen the launch of the Poseidon Principles for green financing and the Getting to...

http://mfame.guru/what-does-the-global-maritime-forum-promise-for-the-future-of-shipping/

90% Shipping Banks Likely To Follow Poseidon Principles, Says Global Shipping Chairman

According to a Safety4Sea, the recently-launched Poseidon Principles are a huge leap towards decarbonization, highlighting that all sectors, not only shipping, can take part in the path towards a greener future; Michael Parker Chairman, Global Shipping, Logistics & Offshore Citi, speaking at Global Maritime Forum’s Annual Summit 2019 added that they expect an 80-90% of all shipping banks to become Signatories to the Poseidon Principles in the following year.

In-Line With IMO GHG Strategy

The Pos...

http://mfame.guru/90-shipping-banks-likely-to-follow-poseidon-principles-says-global-shipping-chairman/

As Poseidon Principles Kick in Ship Lenders Change the Credit System

As investors have started adopting the Poseidon Principles, it’s proving difficult for shipowners to understand the new dynamics. Keeping this in mind, the Lloyd’s Register has released a detailed analysis by two leading bankers who explain the framework’s importance to the shipping industry.

What is it?

Launched by the Global Maritime Forum (GMF), an international foundation dedicated to promoting sustainable shipping in the carriage of world trade, the Poseidon Principles (PP) are the...

http://mfame.guru/as-poseidon-principles-kick-in-ship-lenders-change-the-credit-system/

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