Banks with a combined $100bn shipping portfolio stimulate green change

(Asia Shipping Media, Singapore, 18 June 2019) Eleven major shipping banks have joined a global framework called the Poseidon Principles to integrate climate considerations into lending decisions in line with IMO’s greenhouse gas (GHG) strategy to slash the industry’s carbon footprint by 50% by 2050. The Poseidon Principles are applicable to lenders, relevant lessors, and financial guarantors including export credit agencies. Around 90% of global trade by volume is carried by ships - making the maritime industry a vital player in economic growth, but at a cost. If it were a country, shipping would equal Germany for greenhouse gas (GHG) emissions. Together they represent a bank loan portfolio to global shipping of approximately $100 billion – around 20% of the global ship finance portfolio.