PRINCIPLE 2

Accountability

To ensure that information provided under the Poseidon Principles is practical, un-biased, and accurate, Signatories will only use data types, sources, standards and service providers established by the IMO.

We recognize 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 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.

OUR COMMITMENT

For each step in the assessment of climate alignment, Signatories will rely exclusively on the data types, data sources, and service providers identified in the Technical Guidance.
Signatories of the Poseidon Principles commit to using data types, sources, standards and service providers established by the IMO to calculate their shipping portfolio’s climate alignment. In practice, this requires sourcing of data and a Statement of Compliance and/or a Verification Letter as defined by the IMO DCS.

What is IMO DCS?
The IMO DCS (Data Collection System) is intended to be the first step in the process to collect and analyze emission data related to the shipping industry. Under 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 on international trade.

Learn more about Accountability in the Technical Guidance