Cassa Depositi e Prestiti Joins Poseidon Principles to Drive Sustainability in Maritime Finance
Copenhagen 13 October 2023 – The Poseidon Principles welcome Cassa Depositi e Prestiti (CDP) as its newest Signatory, solidifying its commitment to promoting sustainability within the maritime sector. Among the first Italian financial institutions to become a signatory of this international framework, the Poseidon Principles applaud CDP Group for taking this significant step towards integrating climate considerations into its lending decisions.
The Poseidon Principles, with 34 leading banks already on board, represents nearly 70% of global ship finance portfolios. This initiative was established to facilitate informed decision-making in maritime finance by tracking greenhouse gas emissions associated with shipping finance portfolios. By doing so, the Poseidon Principles create a roadmap for aligning with the climate targets set by the International Maritime Organization (IMO).
CDP Group’s decision to embrace the Poseidon Principles underscores its dedication to joining forces in the decarbonisation of the global shipping sector. It aligns with the IMO’s ambitious goal of achieving zero greenhouse gas emissions in maritime transport by 2050.
CDP will actively contribute to the Poseidon Principles by measuring the greenhouse gas emission intensity of the operating vessels within its portfolio. This data will be published annually, promoting transparency and signalling a responsible approach within the industry. Furthermore, CDP will incorporate specific clauses into export finance contracts, encouraging the adoption of fleet energy efficiency measures by global players in the shipping sector.
“We are proud to be one of the first Italian financial institution to join the Poseidon Principles,” said Massimo Di Carlo, Deputy General Manager and Chief Business Officer of Cassa Depositi e Prestiti. “Our commitment reflects our determination to support sustainable practices in maritime finance and contribute to reducing greenhouse gas emissions in the shipping industry. By partnering with the Poseidon Principles, we are taking concrete steps towards a more environmentally responsible maritime sector.”
Michael Parker, Chairman of the Poseidon Principles for Financial Institutions, added, “With CDP Group’s inclusion as our 34th Signatory, the Poseidon Principles now encompasses nearly 70% of global ship finance portfolios. We extend a warm welcome to CDP and are confident that their participation will play a significant role in advancing responsible environmental stewardship across the entire maritime value chain.”
The Poseidon Principles continue to gain momentum, attracting financial institutions committed to contributing to the maritime industry’s sustainability journey. CDP Group’s decision to join this initiative demonstrates that responsible environmental stewardship is not just a commitment but a core principle guiding their actions.
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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.