PR97923

NEW YORK, September 22, 2022 /PRNewswire=KYODO JBN/ --

30 shipping banks and 16 marine insurance providers and brokers announce today

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.

The Poseidon Principles have committed to adopting an emissions reduction

trajectory in line with net-zero commitments, as soon as such a trajectory or

trajectories become available. The Poseidon Principles provide a framework for

financial institutions and marine insurers to measure and publicly report the

climate alignment of ship finance and marine insurance portfolios with global

climate action goals.

"The urgency is clear. Because of the role that shipping plays in the global

economy, we must accelerate our ambition towards

the Paris Agreement's 1.5C temperature goal. This new ambition will allow the Po

seidon Principles to continue playing our role in incentivizing and supporting

the decarbonization of shipping," said Michael Parker, Chairman, Global

Shipping, Logistics & Offshore, Citi and Chair of the Poseidon Principles for

Financial Institutions.

The Poseidon Principles are already

aligned with the International Maritime Organization's ambition to reduce GHG em

issions from international shipping by at least 50% by 2050. The Poseidon

Principles for Marine Insurance also benchmark against an emissions reduction

trajectory in line with a 100% reduction by 2050.

The new commitment announced today means that, once a new trajectory based on

credible and well-recognized sources is established and adopted by the members

of the individual initiatives, 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.

"Access to real emissions data through the Poseidon Principles creates tangible

impact in our business as well

as in the real economy. Establishing common global decarbonization trajectories

will help us make business decisions that reflect the latest available climate

science. This is the right thing for us to do," said Patrizia Kern-Ferretti, Hea

d Marine, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for

Marine Insurance.

Learn more about the commitment in this Ambition Statement.

About the Poseidon Principles

The Poseidon Principles for Financial Institutions and the Poseidon Principles f

or Marine Insurance are frameworks for measuring and reporting the alignment of

financial institutions' shipping portfolios and marine insurers' hull and

machinery portfolios with climate goals. Recognizing financial institutions'

and insurers' role in promoting

responsible environmental stewardship throughout the maritime value

chain, the Poseidon Principles provide them with tools to foster collaboration

with clients, gain insight to enhance strategic decision-making, and address

the impacts of climate change.

Both Poseidon Principles frameworks are built on four principles – Assessment of

climate alignment, Accountability, Enforcement, and Transparency – which they

share with the Sea Cargo Charter. Established under the auspices of the Global

Maritime Forum, the three initiatives aim to increase the transparency of

environmental impacts within global seaborne trade, promote industry-wide

change, and support a better future for the industry and society.

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SOURCE: Global Maritime Forum