Port Phillip Heads Marine National Park

Leading shipping banks and marine insurers pave the way for 1.5-aligned emissions benchmarking

Retrieved on: 
Thursday, September 22, 2022
Poseidon, Temperature, UN, Transparency, NEW, Port Phillip Heads Marine National Park, Global Maritime Forum, Industry, Climate change, Signature, Goal, Accountability, Citigroup, Financial institution, Insurance, Renewable energy

NEW YORK, Sept. 22, 2022 /PRNewswire/ -- 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.

Key Points: 
  • This new commitment will align the Poseidon Principles with the ambition of the UN and the latest available climate science.
  • 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.
  • ThePoseidonPrinciplesarealready alignedwiththeInternationalMaritimeOrganization'sambitiontoreduceGHGemissionsfrom international shipping byatleast 50% by2050.The Poseidon PrinciplesforMarine Insurancealso benchmark against an emissions reduction trajectory in line with a 100% reduction by 2050.
  • The PoseidonPrinciplesforFinancialInstitutions andthe PoseidonPrinciplesforMarineInsurance areframeworks for measuring and reporting the alignment of financial institutions' shipping portfolios and marine insurers' hull and machinery portfolios with climate goals.

Leading shipping banks and marine insurers pave the way for 1.5-aligned emissions benchmarking

Retrieved on: 
Thursday, September 22, 2022
Poseidon, Temperature, UN, Transparency, NEW, Port Phillip Heads Marine National Park, Global Maritime Forum, Industry, Climate change, Signature, Goal, Accountability, Citigroup, Financial institution, Insurance, Renewable energy

NEW YORK, Sept. 22, 2022 /PRNewswire/ -- 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.

Key Points: 
  • This new commitment will align the Poseidon Principles with the ambition of the UN and the latest available climate science.
  • 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.
  • ThePoseidonPrinciplesarealready alignedwiththeInternationalMaritimeOrganization'sambitiontoreduceGHGemissionsfrom international shipping byatleast 50% by2050.The Poseidon PrinciplesforMarine Insurancealso benchmark against an emissions reduction trajectory in line with a 100% reduction by 2050.
  • The PoseidonPrinciplesforFinancialInstitutions andthe PoseidonPrinciplesforMarineInsurance areframeworks for measuring and reporting the alignment of financial institutions' shipping portfolios and marine insurers' hull and machinery portfolios with climate goals.