Teaming up to make shipping sustainable

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In New York on Tuesday, ABN AMRO co-signed the Poseidon Principles with a group of other international banks. In their capacity as financiers, the group, which teamed up to jointly develop these principles, wants to help reduce carbon emissions in the shipping industry. The Poseidon Principles will serve as a guide to banks factoring in climate considerations into their lending processes, while also being used to report on the climate impact of the portfolio of loans to shipping companies.

Active role

ABN AMRO has traditionally financed the shipping industry. The bank was joined in signing the Poseidon Principles at the Global Maritime Forum in New York by Citi, Société Générale, DNB, Danish Ship Finance and Danske Bank. 

Joep Gorgels, Head of Global Transportation & Logistics at ABN AMRO: “These principles create uniform, sector-wide transparency on the climate impact of our portfolio of loans. They will also help us to take the climate impact into account when we assess loan applications, meaning we can continue to play an active part in further greening the shipping industry.”

Reducing greenhouse gas emissions by 50% by 2050

International shipping is responsible for emitting 2% of global greenhouse gas emissions annually. This is about the same as the annual emissions of Germany.

In 2018 the member states of the International Maritime Organization (IMO), a specialised agency of the United Nations responsible for regulating shipping, adopted ambitions and policies for reducing greenhouse gas emissions in the shipping industry. The goal is for the industry to reduce total annual emissions by at least 50% of 2008 levels by 2050, with a strong emphasis on zero emissions. The Poseidon Principles are consistent with this strategy and can evolve in the coming years as the IMO adjusts its policies and regulations.   

More information on the principles is available at www.globalmaritimeforum.org

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