PRINCIPLE 2

Accountability

To ensure that information provided under the Poseidon Principles for Marine Insurance is practical, fair, and accurate, signatories will exclusively rely on the data types, data sources, and service providers identified in the Technical Guidance.

We recognise the important role that classification societies and other IMO Recognized Organizations (“RO”) play in providing unbiased information to the industry and the mandatory regulation established by the IMO for the data collection and reporting of fuel oil consumption from ships (the IMO Data Collection System – “IMO DCS”). We will rely on such entities and mandatory regulations as explicitly identified in the Technical Guidance for the provision of information used to assess and report on climate alignment.

Role of affiliate members

Affiliate members will, for each step of the assessment and as necessary, support signatories by sharing knowledge about the Accountability principle and data collection process with relevant stakeholders, in line with the Technical Guidance.

What is IMO DCS?

The IMO DCS is intended to be the first step in the process to collect and analyse emission data related to the shipping industry. Under the IMO DCS, data collection on fuel consumption started 1 January 2019. It is mandatory for all ships 5,000 gross tonnage and above and engaged in international trade.

Learn more about Accountability in the Technical Guidance