Major banks to align shipping loans with climate targets: "This is a marathon, not a sprint"

Shipping loans at Danske Bank and Nordea do not yet comply with the IMO's climate targets, shows report. But new lending principles that allow banks to measure customers on climate factors have created "a good starting point" for further work, they tell ShippingWatch. Both banks currently do not say no to financing ships.

Photo: Finn Frandsen/Ritzau Scanpix

Major shipping banks such as Danske Bank and Nordea have set out on a quest to make their loans to shipping IMO-compliant.

The two Nordic banks both support the Poseidon Principles, which aim to create a common starting point for assessing whether the banks' loan portfolios are compliant with the IMO's climate target. In December, the first report revealed that only three out of the 15 of the banks' loan portfolios align with the climate targets so far. And banks that have yet to achieve alignment include both Nordea and Danske Bank.

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