Big banks incorporate climate considerations into shipping loans

Banks are now prepared to place climate demands on their maritime customers. Several of the world's leading shipping banks are working on a set of guidelines under the name "Poseidon Principles", which aims at pressuring the sector into thinking green, gathers ShippingWatch.

Photo: /ritzau/Marius Nyheim

The upcoming global sulfur cap, which will impact world's shipping industry from 2020, will not only leave the companies with an extra bill. The regulations now seem to be influencing banks and their extension of credit to the sector, in regard to considering their CO2 emissions.

34 prominent shipping industry figures have today issued a call to action, encouraging the entire maritime sector to contribute to achieving the targets from the Paris Climate Accord. At the same time, it appears efforts are being made to incorporate climate considerations into the financial sector's credit relations with shipping.

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