Will ECAs and Asian banks join the movement to decarbonise shipping

(Eco-Business, Singapore, 25 September 2019) Three months ago, 11 international banks including Citi, Société Générale and ING signed a framework to promote responsible ship finance called the Poseidon Principles whose framework will tie shipping finance to climate targets that are in line with the International Maritime Organisation’s (IMO) goal to halve shipping’s greenhouse gas emissions by 2050. Two state-owned Chinese banks, the Bank of China and Export-Import Bank of China (China Exim), are the biggest lenders to shipping, according to Petrofin Research, which monitors the industry. Other major Asian players include the Export-Import Bank of Korea, China Development Bank and even Singapore’s DBS Bank.