3 out of 15 loan portfolios in Poseidon Principles align with climate target

The banks in the Poseidon Principles have just published their first report, which shows whether the banks' shipping loans align with the IMO's climate target. Only three in 15 banks can say they do. Chairman emphasizes that it is not a competition between the banks and that the results reflect loans awarded years ago.

Photo: Global Maritime Forum

Only three out of 15 shipping portfolios at the banks subscribed to the Poseidon Principles align with the IMO's climate target, reveals the first ever report published by the Poseidon Principles, which compares 15 banks' shipping loans to the IMO's climate target.

The conclusion is that only the shipping portfolios of France's BPI France, Norway's Eksportkreditt and Dutch ING align with the IMO's target to reduce emissions by at least 50 percent in 2050, compared to the level emitted in 2008.

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