Banks and insurers align on emissions benchmarking

Chamber of Shipping > Blog > News > International > Banks and insurers align on emissions benchmarking

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.

Related Posts