As has been widely reported in the press, the IMO’s declared target is to curb global greenhouse gas emissions from Shipping by at least 50% by 2050.
Banks and financial institutions are conscious of this challenge, and they have realized that they must embrace environmental friendly projects and do their part to make shipping greener.
With such objectives in mind, banks have collaborated in the elaboration of the “Poseidon Principles”, which at its core establishes that financial transactions should give preference to those actors that promote decarbonization of international shipping.
Currently, 27 financial institutions are signatories to the Poseidon Principles, representing a global shipping lending portfolio of approximately $185 billion, almost 50% of the world’s shipping finance portfolio.
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