HOW DID WE GET THERE
Committed to improving the role of maritime finance in addressing global environmental issues
The Poseidon Principles were developed in an effort spearheaded by global shipping banks – Citi, Societe Generale, and DNB – in collaboration with leading industry players – A.P. Møller Mærsk, Cargill, Euronav, Gram Car Carriers, Lloyd’s Register, and Watson Farley & Williams – with expert support provided by the Global Maritime Forum, Rocky Mountain Institute, and University College London Energy Institute.
A series of three workshops held in June 2018 across Singapore, London and New York City brought together a total of 45 senior ship financiers along with a select group of ship owners and experts in order to explore practical approaches for integrating climate risk into financial decision-making in the maritime industry. Throughout these workshops, there was a shared vision of success: a group of aligned and committed institutions taking ownership of a set of principles with the aim of integrating climate considerations into lending decisions in alignment with the climate-related goals of the IMO.
A drafting group of leading banks, key industry stakeholders and experts was subsequently convened to develop the Poseidon Principles. Shipowners of varying sizes and geographies as well as other experts and stakeholders have been engaged and consulted throughout the process of developing the Poseidon Principles.
During the very early stages of the Poseidon Principles, some charterers who were part of the drafting group voiced the need for a transparent process for reporting emissions relating to chartering activities. This is how, following the example of the Poseidon Principles, the Sea Cargo Charter was born. The Sea Cargo Charter provides a global framework for aligning chartering activities with responsible environmental behavior to promote international shipping’s decarbonization.