A commitment to the preservation of our planet’s future has been mirrored in impressive action by 30 banking signatories to the Poseidon Principles. This global framework for green ship financing has seen these global banking titans collectively align their respective reporting with the new climate targets discussed and agreed upon at the Marine Environment Protection Committee meeting in July, held at the headquarters of the International Maritime Organization.
Pioneering a Sustainable Shipping Future
The 30 banks involved have chosen to use their financial influence to pave the way for a sustainable, low-carbon future in the maritime sector. This commitment is a significant stride toward realizing the IMO’s ambitious goals of achieving net-zero greenhouse gas emissions in the shipping sector by the year 2050, as outlined in the most recent committee meeting.
Setting Course for a Net-Zero Destination
The trajectory to a net-zero emission shipping industry isn’t without indicative checks and balances. There are milestones in 2030 and 2040 to ensure the sector is on track. These serve as pivotal points of reference for the ‘well-to-wake’ emissions, which will now also come into the Poseidon Principles’ reporting scope.
Broadening Horizons of Accountability
In a concerted effort to extend their accountability, the reporting remit of the Poseidon Principles will also now include all greenhouse gases. To further provide a comprehensive picture of the sector’s environmental footprint, well-to-wake emissions are also slated to be taken into account. This expanded reporting scope marks another significant step in the drive towards an environmentally responsible shipping industry.
Details concerning this groundbreaking change are under wraps for now but will soon be unveiled. As the maritime sector charts a course towards a greener future, this ambitious commitment of these banks, as representatives of the global shipping finance industry, marks an exciting turn of the tide in the battle against climate change.
