At the Global Maritime Forum Annual Summit in Tokyo, the Poseidon Principles had the privilege of joining industry leaders, including the International Maritime Organization Secretary-General, to advance sustainable finance in shipping. We were thrilled to connect with our nine Japan-based members—26% of our total membership—who play a vital role in supporting greener seas. Special thanks to Development Bank of Japan Inc., Hiroshima Bank, MUFG, SBI Shinsei Bank Limited, Sumitomo Mitsui Banking Corporation – SMBC Group, Sumitomo Mitsui Finance and Leasing Company, Limited, Sumitomo Mitsui Trust Bank Limited, CHUGOKU BANK, and IYO Bank Ltd. Our Chair, Michael Parker, and Vice Chair, Paul Taylor, also led a panel at the TradeWinds Shipowners Forum on “Greener Seas – Accelerating Financial Support for Green Ships”, where they discussed the increasing momentum for sustainable finance in shipping.?
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Today, at the TradeWinds Shipowners Forum Japan 2024, Poseidon Principles Board Chair, Michael Parker, highlighted the transformative impact of the Poseidon Principles on the shipping industry. ?? ? Michael noted that since its launch in 2018, Poseidon Principles has expanded from 11 to 35 signatory banks, now representing 80% of global ship finance. This growth underscores our commitment to transparency—not just compliance—in measuring emissions and driving decarbonisation efforts. ? Michael urged the industry to prioritise accountability and collaboration, addressing critical issues like seafarers’ rights and biodiversity. He emphasised the importance of making data publicly available and supporting initiatives like the Getting to Zero Coalition, which has advanced our decarbonisation goals by five years. As we look to the future, we're establishing working groups to explore key issues like seafarers' rights and biodiversity for possible inclusion to the Poseidon Principles, ensuring that our collaborative approach continues to lead the industry.
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Celebrating 5 Years of the Poseidon Principles!???? ?? ? Five years ago, in June 2019, the Poseidon Principles were born out of the Global Maritime Forum Annual Summit. Starting with 11 pioneering signatories, today we proudly stand with 35 signatories from 13 countries, representing over 80% of the global ship finance portfolio, valued at around $200 billion.? ? Through collaborative efforts with our signatories and technical advisors, we’ve established a robust, standardised framework for assessing and disclosing the climate alignment of shipping portfolios. This framework continuously evolves, keeping pace with the latest in climate reporting, including alignment with the 2023 International Maritime Organization's Green House Gas Strategy. Our methodology has resulted in four published reports, with a fifth expected in December 2024, and is now widely adopted for transparency reporting across the industry.? ? As the first-ever climate-specific transparency initiative for the maritime sector, the Poseidon Principles have set a precedent, inspiring similar frameworks in aviation, steel, and other industries. Notable initiatives inspired by our work include the Sea Cargo Charter (2020), Poseidon Principles for Marine Insurance (2021), Sustainable Steel Principles, Aluminium Framework, and Pegasus Guidelines for Aviation.? ? As we look back on these five transformative years, we remain committed to driving positive environmental action and ensuring a sustainable future for the shipping industry. ?? ?? Thank you to all our partners, signatories, and supporters for your commitment and collaboration. Together, we navigate towards a greener, more sustainable future.? ? Read more about our work here: https://lnkd.in/d3rvVeqG?
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?? The Poseidon Principles brought together its 35 Signatories for their Annual Meeting in Montrouge, France, to elect new Steering Committee members and map future activities. Key topics discussed included usual items of the life of the association (budget, Steering Committee elections, etc.), fine tuning decarbonisation trajectories or reflecting on the future of the initiative after 5 years of existence. We're pleased to announce the reappointment of Michael Parker from Citi bank as Chair, along with Paul Taylor of Societe Generale and Stephen Fewster of ING retaining their roles as Vice Chair and Treasurer, respectively. Congratulations to the newly elected Steering Committee as well! A special shoutout to Crédit Agricole CIB for hosting us! ?? Read full press release here ? https://bit.ly/3UDJWqd ? #PoseidonPrinciples #Sustainability #MaritimeLeadership??
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?? The Poseidon Principles has not only served as an example of how finance can play a role in accelerating climate action, but also seems to be inspiring an industry-wide shift with transparency initiatives sprouting in other sectors namely steel, aluminum and soon aviation.? In September of 2022, 6 banks signed the Sustainable Steel Principles (SSP), five of which are already our signatories, committing to measuring and disclosing the climate alignment of their steel industry lending portfolios. Last month they published their 2023 Annual Report where one third of signatories aligned with the 1.5°C benchmark.?? The SSP draws inspiration from the Poseidon Principles, enabling lenders to measure and disclosure alignment while also signaling their emissions reduction expectation to stakeholders. Furthermore, they encourage lenders to engage clients in identifying financing options to accelerate their decarbonisation efforts.?? ?? To learn more about actions that support decarbonisation and transparency from signatories within the shipping industry, delve into our 2023 Annual Disclosure Report ? bit.ly/3GCv03Z Citi,?Crédit Agricole CIB,?ING, Societe Generale,?Standard Chartered,???
Six banks signed the groundbreaking Sustainable Steel Principles in September of 2022, committing to measuring and disclosing the alignment of their steel industry lending portfolios. ?? How much progress has been made? ?? How are signatory banks advancing their commitments? ?? Read the inaugural annual report to find out more about steel decarbonization, the 2022 alignment of signatory banks, and details about the Sustainable Steel Principles: https://lnkd.in/eBQn66aQ Citi, Crédit Agricole CIB, ING,Societe Generale, Standard Chartered, UniCredit
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????Are you interested in getting to know Morgane Graffion, ESG Lead of all three tranparency initiatives, Poseidon Principles included, at the Global Maritime Forum?
?? Meet the Global Maritime Forum team ?? ? Morgane Graffion is our Environmental, Social, and Governance (ESG) Lead, heading up the work with our three transparency initiatives: the Poseidon Principles, the Poseidon Principles for Marine Insurance, and the Sea Cargo Charter. ? Morgane’s journey to the Global Maritime Forum had a somewhat unusual start. “I guess you could say video games brought me here,” she jokes, referring to her October 2021 move from her native France to Malm?, Sweden, where her now-husband had landed a job with a large gaming company. ?? ? Having worked in corporate social responsibility and sustainability for many years, including a five-year stint with the UN Global Compact (Pacte mondial de l’ONU - Réseau France) supporting French companies in sustainable reporting and living up to the UN Sustainable Development Goals, Morgane wanted to continue down that road after relocating. ???? ? Drawn to the Global Maritime Forum’s decarbonisation focus and the international makeup of our staff, Morgane came on board in May 2022. Admittedly “not at all an expert in the maritime industry” when she joined, she compared her first months to learning another language (something she knows well as a speaker of French, English, Spanish, Portuguese, and a little Swedish). But she quickly caught on and now does “whatever is needed” for the three transparency initiatives. This includes recruiting new members, checking reporting methodology, handling budgets, and translating the sometimes byzantine world of shipping finance and insurance to a wider audience. ? Noting that her name means “born from the sea”, Morgane says that fate may have led her to the shipping industry. She says her interest in sustainability is “family heritage”, having grown up in Brittany with grandparents and uncles who are organic farmers. ???? ? Although she has swapped out the coasts of Brittany for those of southern Sweden, she is still very active on the water. She recently bought her own stand-up paddle and also dabbles in wing foiling. She’s trying to embrace the Scandinavian tradition of winter swimming but admits she only braves the frigid waters if there is an adjoining sauna. ?? ? To hear more from Morgane, you can join a webinar on 13 March that will walk through the highlights of the Poseidon Principles for Maritime Insurance’s 2023 Annual Disclosure report. A registration link is in the comments. ??
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?? ?? Poseidon Principles welcomes our 35th signatory, the first of 2024, Swedbank, Sweden’s first savings bank, established in Gothenburg in 1820. By joining the Poseidon Principles for Financial Institutions, Swedbank affirms its commitment to supporting and influencing the continued decarbonisation efforts of the shipping industry. Read the full press release ? https://bit.ly/3woxaCf
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?? Interested in getting to know one of our own?
?? Meet the Global Maritime Forum team! ?? ? Rita Hjelm is the project coordinator for our transparency initiatives, the Poseidon Principles and the Poseidon Principles for Marine Insurance. She works closely with the initiatives’ many varied stakeholders and was the lead author on the recently released annual disclosure reports for both the Poseidon Principles and the Poseidon Principles for Marine Insurance. She also supports our other transparency initiative, the Sea Cargo Charter. ? Rita has long been passionate about the health of our oceans. Growing up in coastal New Jersey (a state she swears does not deserve its many unflattering stereotypes), she fell in love with the beautiful beaches of the Sandy Hook peninsula. She took up surfing as a teenager and says the ocean has “always been a part of my life”. ??♀? ? This passion would shape her education and career. Rita obtained a bachelor’s in marine sciences from the University of South Carolina and, through the NOAA: National Oceanic & Atmospheric Administration’s Hollings Scholarship Program, was involved in climate change research, fisheries research, and outreach programmes at NOAA. Along with two of her friends and NOAA colleagues, Rita founded the Plastic Wave Project to highlight the issue of plastic pollution along the Jersey shore (she begs you not to picture the trashy reality TV show of the same name). ?? ? In 2021, Rita decided to continue her education at Lund University in Sweden, a country she knew well through visits to her Swedish father’s family. She obtained a master’s in environmental studies and sustainability science last summer and joined the Global Maritime Forum shortly thereafter. ? Although she says she didn’t necessarily see herself as working within the shipping industry, her role seems like a natural extension of her previous focus on marine ecosystems. ? “My thought was, ‘Can you really work to save the ocean without understanding the biggest industry that works on it?’ When you first dip your toe into ocean conservation, you think about things like plastic straws, saving the turtles, and so on, but then quickly realise that there are much larger, systemic issues to solve. Affecting policy through finance and insurance may not seem as hands-on as ridding the ocean of plastics, but it's arguably much more effective,” she says. ? ??♀? When not at work, Rita is an avid yogi and has even worked as a yoga instructor in New Jersey and Sweden. Famous around the Global Maritime Forum headquarters for nearly always standing at her adjustable desk, Rita jokes that she feels a bit antsy when she’s not on her feet. ?? ? To learn more about Rita’s work, click through to the Poseidon Principles for Marine Insurance annual disclosure report in the comments below. ??
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?? In the event it slipped your mind, Poseidon Principles signatories decided unanimously in September 2023 to revise their framework for evaluating and reporting the shipping portfolios of financial institutions in alignment with climate-related goals and the International Maritime Organization's new ambition announced at the conclusion of MEPC 80.? ? Our latest Annual Disclosure Report ? bit.ly/3GCv03Z outlined both results and outcomes based on this new reporting framework, with the main aims being net-zero emission from international shipping by or around 2050 and considering full lifecycle emissions in a “well-to-wake” perspective. ? ? ?? For full technical details on new trajectories, check out the transparency ‘bible’, otherwise known as the Technical Guidance ? bit.ly/49tQpsN. Going into 2024, the Poseidon Principles aims to fine-tune trajectories, particularly for passenger segments and emission factors. Stay tuned!???
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?? July 2023 marked a crucial date for the decarbonisation of the shipping sector, with the International Maritime Organization developing a revised GHG Strategy and raising its ambition with a clear pathway to net zero by (or close to) 2050. Curious as to how financial institutions can play a role in this global effort? ?? Follow two stories of Poseidon Principles signatories, based in Singapore and the Netherlands, sharing their reflections on the adopted Strategy: ?? OCBC ?? https://bit.ly/3unN4w2 ?? ABN AMRO Bank N.V. ?? https://bit.ly/3OvQHH2