Poseidon Principles raises its ambitions after alluding to it for a year

The banks under Poseidon Principles announce that ambitions will be raised with a second emissions reduction trajectory, which will be adopted ”as soon as such a trajectory or trajectories become available,” according to a statement.

Michael Parker Chair of the Poseidon Principles for Financial Institutions. | Photo: Global Maritime Forum

The green alliance, Poseidon Principles, will add a second trajectory for emissions reduction and will thus follow two trajectories and, with that, its goals will become more ambitious.

The statement comes after months of being questioned as to whether the initiative, which is signed by 30 shipping banks and 17 marine insurers, is ambitious enough, as it only followed the International Maritime Organization’s (IMO) trajectory of 50-percent reduction of emissions by 2050.

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