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Climate scientist calls on Poseidon Principles to embrace far higher ambitions

If Poseidon Principles is to support shipping in living up to the Paris Agreement, the banks behind the principles need to aim much higher than the IMO targets that the principles currently adhere to, says scientist to ShippingWatch. BW LPG and Klaveness have called the principles too unambitious.

Photo: PR-foto Green Instruments/69734198

Climate initiative Poseidon Principles, backed by major banks, needs to embrace higher ambitions than the IMO targets if the goal is to support shipping in living up to the Paris Agreement.

The Poseidon Principles are designed as a common basis for banks to assess whether their loan portfolios are in line with the IMO's climate targets, which include a minimum target of cutting greenhouse gas emissions from shipping in half by 2050.

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