Poseidon Principles will likely raise its ambitions in the new year

Poseidon Principles will most likely change its ambition level in the first months of 2022, and it will certainly not wait for IMO, chairman of the alliance Michael Parker said at the Ship Zero Conference in Glasgow this week. 
Photo: Global Maritime Forum
Photo: Global Maritime Forum

Michael Parker, Chairman of the Poseidon Principles, said during the Ship Zero Conference in Glasgow this week that it is likely that the alliance, made up of financial institutions, will raise its ambition level at the beginning of next year.

"We expect to amend the Poseidon Principles ambition to zero by 2050 early next year once we see what comes out of COP26 and MEPC77," he said at the conference.

This move comes after several parties in the shipping industry have questioned why Poseidon Principles has not raised its ambitions yet, from a 50 percent reduction in emissions in 2050 to instead net zero, when other alliances are working toward just that.

The question has also been asked because most of the same institutions that are partners in Poseidon Principles are actually already working for net zero emissions in another initiative, Net-Zero Banking Alliance, as ShippingWatch has previously reported.

Not waiting for IMO

Before the climate summit in Glasgow began, there was talk in the industry that the aim of the Poseidon Principles might be altered after the summit to align with the target of net zero emissions in 2050.

Johanna Christensen of Poseidon Principles told ShippingWatch that the circumstances have changed since the principles were founded, when they were in line with the International Maritime Organization's, IMO, target from 2018 of the halving of greenhouse gases emissions by 2050.

As predicted, the chairman now confirms that an update of the  ambitions could come as the calendar switches to 2022 after having awaited COP26. One thing he says they will not wait for is the IMO.

"But we won't wait for the International Maritime Organization (IMO) if they don't respond to the various calls from several governments to raise their ambition to align with the Paris agreement," Parker said at the conference.

ShippingWatch has on several different occasion tried to talk to Michael Parker about the Poseidon Principles raising its ambitions, but the chairman only refers to his comments made at the conference about the topic and refrains from commenting further.

Poseidon Principles set to raise ambitions in coming weeks

Zero-emission shipping realistic by 2050: "Everyone needs to raise their ambitions" 

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