80th Marine Environment Protection Committee Meeting Represents a Key Opportunity for the Maritime Industry
Financial Institutions of the Poseidon Principles shared a statement today expressing their expectations for the IMO’s forthcoming MEPC meeting.
26 June 2023— This July, International Maritime (IMO) Member States will gather in London for the 80th Marine Environment Protection Committee (MEPC80) meeting. This crucial event presents a unique moment for the IMO to establish a revised strategy to advance green shipping, mobilise cross-sector engagement, and ensure sustainable trade growth.
The outcome of the new greenhouse gas (GHG) strategy will directly impact decarbonisation initiatives, like the Poseidon Principles. Conceived in 2019, the Poseidon Principles serve as global frameworks for assessing and disclosing the climate alignment of financial institutions’ shipping portfolios with global climate action goals.
Already aligned with the International Maritime Organization’s ambition to reduce GHG emissions from international shipping by at least 50% by 2050, the Poseidon Principles are designed to evolve through a regular review process to ensure they remain relevant, ambitious, and effective. The current IMO strategy aims to cut shipping industry emissions by 50% by 2050 from a 2008 baseline, but that alone doesn’t secure the Paris Agreement 1.5°C temperature goal, nor does it define the efforts required to achieve that critical goal. The Poseidon Principles’ future role in driving meaningful change in the industry hinges on whether the IMO’s revised strategy can clearly outline its ambitions to reduce GHG emissions rapidly.
“Since its inception in 2019, the Poseidon Principles have played a pivotal role in increasing transparency across the maritime industry. The IMO’s upcoming MEPC80 meeting presents the possibility to set forth a clear ambition to advance shipping’s decarbonisation. We have high expectations that the MEPC80’s revised strategy can provide stronger leadership and clarify its intentions to reduce greenhouse gas emissions,” said Michael Parker, Chairman, Global Shipping, Logistics & Offshore, Citi and Chair of the Poseidon Principles for Financial Institutions.
MEPC80 arrives amidst the growth of coalitions, voluntary initiatives, and pilot projects—all clear testaments to the maritime industry’s determination to achieve zero GHG emissions. While this collective effort demonstrates the increased commitment of various stakeholders toward a sustainable future, it requires more policy support from governments and international regulators if it is to make a long-lasting impact and ultimately succeed.
“Recognising that the decarbonisation of shipping requires urgency and scale, I hope that the IMO can provide a Revised Strategy that can propel the industry towards a sustainable future.” said Patrizia Kern-Ferretti, Marine Strategy Consultant-CEO Office, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.
The MEPC80 meeting serves as a critical opportunity to establish a clear and ambitious framework for decarbonising the shipping industry towards a 1.5°C future. MEPC’s potential to provide strong direction for intermediate milestones and a long-term vision for 2050 will directly influence the industry’s transition towards more sustainable practices and stronger emissions reduction.
About the Poseidon Principles
The Poseidon Principles for Financial Institutions is a framework for measuring and reporting the alignment of financial institutions’ shipping portfolios with climate goals. Recognising financial institutions’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Poseidon Principles provide them with tools to foster collaboration with clients, gain insight to enhance strategic decision-making and address the impacts of climate change.
The Poseidon Principles framework is built on four principles – Assessment of climate alignment, Accountability, Enforcement, and Transparency – which they share with the Poseidon Principles for Marine Insurance and the Sea Cargo Charter. Established under the auspices of the Global Maritime Forum, the initiative aims to increase the transparency of environmental impacts within global seaborne trade, promote industry-wide change, and support a better future for the industry and society.
Media contact: Molly Hannon| Senior Communications Manager | email@example.com