30 leading banks, jointly representing approximately USD 200 billion in shipping finance, have come together to commit to the Poseidon Principles:
ABN Amro | BNP Paribas | Bpifrance | CaixaBank | Citi | CIC | Crédit Agricole | Credit Suisse | Danish Ship Finance | Danske Bank | DekaBank | DBJ | DNB | Eksfin | Finnvera | ING | KfW IPEX-Bank | MUFG | Nordea | OCBC | SACE | SEB | SBI Shinsei Bank | Société Générale | SpareBank 1 SR-Bank | Sparebanken Vest | Standard Chartered | SMBC | SMFL | SMTB
It is important that banks play an active role in the transition towards a greener future and reaching the global climate goals set forth in the Paris Agreement and by the International Maritime Organization. Recognizing this, the Poseidon Principles offer the opportunity to improve the transparency of the climate impact of the shipping industry and align leading shipping bank portfolios with our climate goals in reducing GHG emissions. We are excited to see the Poseidon Principles come to life and we encourage all our ambitious peers to join in this initiative.
As a leading and longstanding lender to the global maritime industry, we welcome the establishment of the Poseidon Principles, an industry-wide and self-volunteered initiative that reflects our own commitment to combat climate change and protect the oceans.
By becoming a signatory of the Poseidon Principles, we aim at aligning our shipping financial portfolio with the sustainability objectives set by the International Maritime Organisation.
Bpifrance Assurance Export
As a leading player in the shipping industry, CaixaBank is extremely proud to be the first Spanish financial institution to adhere to Poseidon Principles. This initiative represents a major milestone in our sustainability strategy and provides testimony to our commitment to support shipping clients in their pursuit of climate neutrality. We will work tirelessly together with the organization and our co-members to position the shipping industry at the forefront of environmental sustainability.
The maritime sector is a key facilitator of global trade. However, it’s critical that all industry participants address the climate impacts of the shipping industry. As banks, we recognize that our role in the shipping industry enables us to promote responsible environmental stewardship throughout the global maritime value chain. The Poseidon Principles will not only serve our institutions to improve decision making at a strategic level but will also shape a better future for the shipping industry and our society.
CIC is proud to become signatory of the Poseidon Principle aside other prominent international shipping banks. We consider that the Poseidon Principles is a major milestone to help the maritime industry in its necessary transformation in order to reach Paris Agreement’s global warming target.
Maritime transportation will continue to be a key sector for the global economy and we believe that the financial institutions have to play an important role to promote sustainable development and green initiatives in the global decarbonisation process. The Poseidon Principles will help all participants to achieve the GHG reduction goal and build up a greener industry for the benefit of future generations.
Crédit Industriel et Commercial
The Poseidon Principles are a pioneering initiative by international shipping banks, one of the key stakeholders of the maritime transport sector, to support the transition to a low-carbon and climate resilient economy. The decarbonization of our Shipping industry is a fundamental requirement but also a major challenge that can only be tackled through such coordinated efforts. As a global leader in sustainable banking and shipping finance, Credit Agricole CIB welcomes the opportunity to join and participate in the Poseidon Principles.
The Poseidon Principles are key to leading industry-wide change. Along with our co-signatories, we aim to align our ship finance portfolio to be environmentally responsible and to lead by example in the reduction of GHG emissions. Joining the Principles shows our clear and continued commitment to sustainable shipping – being there to support our clients in their business and in their transition to a low-carbon shipping industry.
Financial institutions play an important role in facilitating the transition towards sustainability in businesses and ensuring that we reach the global climate goals. Recognizing both our direct and indirect responsibility and being transparent are the first steps on this journey. In this respect, the Poseidon Principles is a forward-looking initiative within sustainable finance and positions the ship finance sector in a global leadership role. As a responsible institution Danish Ship Finance welcomes the opportunity to take part in this leadership role and we encourage all like-minded partners in the ship finance community to join the Poseidon Principles alongside us.
Danish Ship Finance
As one of the leading financial institutions within the shipping industry, we recognize our role in addressing and promoting the sector’s high ambition to decarbonize going forward. We believe that the Poseidon Principles will be an important initiative in this respect.
Sustainability is a high priority for DekaBank and a central component of its business strategy. For Ship Finance we already implemented specific sustainability principles about five years ago and also developed our own score cards for ship financing within the framework of which CO2 emissions can be recorded systematically. The Poseidon Principles are now an additional key element to further integrate climate change into our lending decisions and to monitor the decarbonization targets of our shipping portfolio.
DBJ has a firm commitment to the realization of a sustainable society. As a financial institution with a long history in Japanese shipping, we are honored to participate in the Poseidon Principles, an international framework for the shipping industry to address climate change.
Through our participation in the Principles, we will actively support the shipping industry’s efforts to achieve a sustainable society as we promote our customers’ sustainable growth through financial expertise.
Development Bank of Japan
The Poseidon Principles are ground-breaking in both the spheres of shipping and sustainable finance. Now is the time to advance the role of banks in addressing global environmental issues. We encourage all our colleagues to join us in leading industry-wide change by becoming Signatories of the Poseidon Principles.
As a public provider of long-term financing we are committed to ensure sustainability and corporate responsibility. The Poseidon Principles is a valuable initiative to make information about carbon emissions more easily accessible. Quantifying emissions and sharing information is necessary to combat carbon emissions and thereby reduce climate risk. Export Finance Norway is happy to join forces with other leading shipping banks.
Export Finance Norway
As a public provider of export finance, transparency about the climate impact of our financing is important to us. Corporate responsibility is the foundation of Finnvera’s strategy, and commitment to Poseidon Principles is a new concrete step in our corporate responsibility and sustainability. We are pleased to be able to join Poseidon Principles, an international initiative whose members share similar needs and goals to take climate action and make the climate impact of our operations visible.
Banks have an important role to play in promoting sustainable development. The Poseidon Principles fit perfectly with our Terra approach, our strategy to steer our portfolio towards the Paris Agreement’s well-below two-degree goal. The Principles will be integrated into this approach to support our ambition. It’s encouraging to see so many banks collaborate for a low-carbon future and we are delighted to be part of this important initiative.
Supporting our clients on their journey to transformation has become a focal point for KfW IPEX-Bank across all business segments. For the Maritime Industries we have already implemented specific sustainability principles over the past years which are imbedded into KfW Group’s wider framework to align the bank’s business with the Paris goals. The Poseidon Principles are now an additional key element to further integrate climate change into our lending policies and to monitor the decarbonization targets of our shipping portfolio.”
As a Japan-based company, we are proud of our country’s deep and powerful relationship with the sea. By joining the Poseidon Principles network, we are doing our part to transition to low-carbon economy and contribute to the sustainability of the shipping industry. We will also support our clients and fellow signatories in their endeavors to accomplish similar goals.
As the largest financial services group in the Nordic region it is very important to join other leading banks in this initiative to promote a responsible shipping industry, and to contribute to raised awareness. By becoming Signatories of the Poseidon Principles, we want to play an active role in reducing the global carbon footprint and contribute to a cleaner and more sustainable environment for future generations.
Having published our first Task-Force on Climate-related Financial Disclosures report in 2020, OCBC Bank has since committed ourselves to taking concrete actions to cut our financed emissions. A core part of the action steps involves us delving deeper into individual sectors to better measure and assess the impact of our sector-specific financing transactions, such as through signing on to the Poseidon Principles to look into our ship finance portfolio. The Poseidon Principles enable us to support our customers and stakeholders across the maritime eco-system more effectively on their decarbonisation journey. Being the first bank in Southeast Asia to adopt the Poseidon Principles lends great responsibilities on us. This is only the start of our transition to a low-carbon world.
Just as much as the shipping industry plays a fundamental role in trade, enabling people and goods to move around the globe, it has to play a key role in the transition to a low-carbon economy. The Poseidon Principles offer the opportunity to collectively achieve such ambitious objective. SACE is delighted to be part of this initiative and is committed to monitor its shipping portfolio’s alignment with the climate goals of the IMO.
Global challenges need global collaboration. SEB is committed to supporting its customers in the transition to a more sustainable world, and we are pleased to join a group of world leading banks in this new global framework for responsible ship finance.
We are glad to be on board in this unique and self-volunteered initiative of shipping financers to fight against climate crisis. Maritime sector plays a significant role in decarbonization but requires all-hands-on-deck efforts to achieve this. As an active shipping financer, Shinsei Bank, putting sustainability at its core, expresses our continued commitment to support our clients in sustainability transitions and transformations for their business and for the overall society.
SBI Shinsei Bank
The Poseidon Principles offer significant benefits to banks, the global shipping industry and to society as a whole. They allow us to align and de-risk our portfolios in line with shipping’s green transition. We will work in partnership with our clients and partners on an ongoing basis to secure a successful implementation of the Principles.
The shipping industry is a key sector in the transition to a low-carbon economy. SR-Bank is pleased to join this important initiative and we will continue to support Norwegian ship-owners in their continuous efforts to contribute to a greener industry.
SpareBank 1 SR-Bank
To play their part in halting the climate crisis, banks should cooperate wherever they can, whilst competing where necessary. This is what the Poseidon Principles are all about – a proactive initiative where shipping banks commit to integrate specific measures into their financing of the shipping industry. We look forward to interacting with shipowners on these issues, and encourage other banks to follow suit.
Cutting carbon emissions in the shipping sector is crucial in curbing the worst effects of climate change and achieving net-zero. As a bank that specialises in financing world commerce and the enablers of global trade, signing up to the Poseidon Principles is therefore an important addition to our existing efforts to reduce our financed emissions. Standard Chartered joins this initiative during Singapore Maritime Week – the nation state is a hugely important maritime hub – and look forward to partnering with our peers and clients globally to achieve the goals that we all share with the IMO.
Standard Chartered Bank
The Poseidon Principles are the world’s first sector specific, self-governing climate alignment agreement amongst financial institutions. As a signatory to the Principles, SMBC Group will further enhance its actions towards addressing the risks of climate change, by conducting its business in a manner that contributes both to the growth of its customers and society more broadly.
Sumitomo Mitsui Banking Corporation