30 shipping banks and 17 marine insurance providers and brokers have announced that the Poseidon Principles will add additional trajectories to report climate alignment with a 1.5C future. This new commitment will align the Poseidon Principles with the ambition of the UN and the latest available climate science. Signatories will benchmark their portfolios against two trajectories: one aligned with the IMO’s 50% reduction by 2050, and one aligned with net-zero by 2050 and a maximum temperature rise of 1.5C above pre-industrial levels by 2100, to meet the temperature goals of the Paris Agreement. For the second trajectory to be consistent with a 1.5C future, the scope will be expanded to include all greenhouse gas species, and to account for well-to-wake emissions. The financial institutions that are signatory to the commitment represent 65 percent of the global ship finance portfolio.
