30 shipping banks and 16 marine insurance suppliers and brokers announce right now that the Poseidon Principles will add further trajectories to report local weather alignment with a 1.5C future. This new dedication will align the Poseidon Principles with the ambition of the UN and the newest accessible local weather science.
NEW YORK, Sept. 22, 2022 /PRNewswire/ — The Poseidon Principles have dedicated to adopting an emissions discount trajectory consistent with net-zero commitments, as quickly as such a trajectory or trajectories turn into accessible. The Poseidon Principles present a framework for monetary establishments and marine insurers to measure and publicly report the local weather alignment of ship finance and marine insurance portfolios with international local weather motion targets.
“The urgency is clear. Because of the role that shipping plays in the global economy, we must accelerate our ambition towards the Paris Agreement’s 1.5C temperature goal. This new ambition will allow the Poseidon Principles to continue playing our role in incentivizing and supporting the decarbonization of shipping,” mentioned Michael Parker, Chairman, Global Shipping, Logistics & Offshore, Citi and Chair of the Poseidon Principles for Financial Institutions.
The Poseidon Principles are already aligned with the International Maritime Organization’s ambition to cut back GHG emissions from worldwide shipping by at least 50% by 2050. The Poseidon Principles for Marine Insurance additionally benchmark in opposition to an emissions discount trajectory consistent with a 100% discount by 2050.
The new dedication introduced right now implies that, as soon as a brand new trajectory primarily based on credible and well-recognized sources is established and adopted by the members of the particular person initiatives, Signatories will benchmark their portfolios in opposition to two trajectories: one aligned with the IMO’s 50% discount by 2050, and one aligned with net-zero by 2050 and a most temperature rise of 1.5C above pre-industrial ranges by 2100, to fulfill the temperature targets of the Paris Agreement. For the second trajectory to be constant with a 1.5C future, the scope can be expanded to incorporate all greenhouse fuel species, and to account for well-to-wake emissions.
“Access to real emissions data through the Poseidon Principles creates tangible impact in our business as well as in the real economy. Establishing common global decarbonization trajectories will help us make business decisions that reflect the latest available climate science. This is the right thing for us to do,” mentioned Patrizia Kern-Ferretti, Head Marine, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.
Learn extra about the dedication in this Ambition Statement.
About the Poseidon Principles
The Poseidon Principles for Financial Institutions and the Poseidon Principles for Marine Insurance are frameworks for measuring and reporting the alignment of economic establishments’ shipping portfolios and marine insurers’ hull and equipment portfolios with local weather targets. Recognizing monetary establishments’ and insurers’ position in selling accountable environmental stewardship all through the maritime worth chain, the Poseidon Principles present them with instruments to foster collaboration with shoppers, achieve perception to reinforce strategic decision-making, and handle the impacts of local weather change.
Both Poseidon Principles frameworks are constructed on 4 rules – Assessment of local weather alignment, Accountability, Enforcement, and Transparency – which they share with the Sea Cargo Charter. Established beneath the auspices of the Global Maritime Forum, the three initiatives purpose to extend the transparency of environmental impacts inside international seaborne commerce, promote industry-wide change, and assist a greater future for the {industry} and society.
Logo – https://mma.prnewswire.com/media/1902874/Global_Maritime_Forum_Logo.jpg
Logo – https://mma.prnewswire.com/media/1902875/Global_Maritime_Forum_Logo.jpg
View authentic content material:https://www.prnewswire.co.uk/news-releases/leading-shipping-banks-and-marine-insurers-pave-the-way-for-1-5-aligned-emissions-benchmarking-301627987.html
