{"id":4455,"date":"2023-06-26T11:33:40","date_gmt":"2023-06-26T09:33:40","guid":{"rendered":"https:\/\/www.poseidonprinciples.org\/finance\/?p=4455"},"modified":"2023-06-26T11:40:08","modified_gmt":"2023-06-26T09:40:08","slug":"80th-marine-environment-protection-committee-meeting-represents-a-key-opportunity-for-the-maritime-industry","status":"publish","type":"post","link":"https:\/\/www.poseidonprinciples.org\/finance\/news\/80th-marine-environment-protection-committee-meeting-represents-a-key-opportunity-for-the-maritime-industry\/","title":{"rendered":"80th Marine Environment Protection Committee Meeting Represents a Key Opportunity for the Maritime Industry\u00a0\u00a0"},"content":{"rendered":"<p><i><span data-contrast=\"auto\">Financial Institutions of <\/span><\/i><i><span data-contrast=\"none\">the Poseidon Principles shared a <\/span><\/i><a href=\"https:\/\/www.poseidonprinciples.org\/finance\/wp-content\/uploads\/2023\/06\/PPA-Statement-IMO-26.06.2023.pdf\"><i><span data-contrast=\"none\">statement<\/span><\/i><\/a><i><span data-contrast=\"none\"> today expressing their expectations for the IMO\u2019s forthcoming MEPC meeting<\/span><\/i><i><span data-contrast=\"auto\">.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">26 June 2023<\/span><\/b><span data-contrast=\"auto\">\u2014<\/span><i><span data-contrast=\"auto\">\u202f<\/span><\/i><span data-contrast=\"auto\">This July, International Maritime (IMO) <\/span><span data-contrast=\"none\">Member States will gather in London for the <\/span><b><span data-contrast=\"none\">80<\/span><\/b><b><span data-contrast=\"none\">th<\/span><\/b><b><span data-contrast=\"none\"> Marine Environment Protection Committee (MEPC80)<\/span><\/b><span data-contrast=\"none\"> 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.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The outcome of the new greenhouse gas (GHG) strategy will directly impact decarbonisation initiatives, like the <\/span><b><span data-contrast=\"auto\">Poseidon Principles<\/span><\/b><span data-contrast=\"auto\">. Conceived in 2019, the <\/span><a href=\"https:\/\/www.poseidonprinciples.org\/finance\/about\/\"><span data-contrast=\"none\">Poseidon Principles<\/span><\/a><span data-contrast=\"auto\">\u202fserve as global frameworks for assessing and disclosing the climate alignment of financial institutions\u2019 shipping portfolios with global climate action goals.\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Already aligned with the <\/span><b><span data-contrast=\"auto\">International Maritime Organization&#8217;s<\/span><\/b><span data-contrast=\"auto\"> 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\u2019t secure the Paris Agreement 1.5<\/span><b><span data-contrast=\"auto\">\u00b0<\/span><\/b><span data-contrast=\"auto\">C temperature goal, nor does it define the efforts required to achieve that critical goal. The Poseidon Principles&#8217; future role in driving meaningful change in the industry hinges on whether the IMO&#8217;s revised strategy can clearly outline its ambitions to reduce GHG emissions rapidly.\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;<\/span><i><span data-contrast=\"auto\">Since its inception in 2019, the Poseidon Principles have played a pivotal role in increasing transparency across the maritime industry. The IMO&#8217;s upcoming MEPC80 meeting presents the possibility to set forth a clear ambition to advance shipping&#8217;s decarbonisation. We have high expectations that the MEPC80&#8217;s revised strategy can provide stronger leadership and clarify its intentions to reduce greenhouse gas emissions,\u201d <\/span><\/i><b><span data-contrast=\"auto\">said<\/span><\/b><b><i><span data-contrast=\"auto\">\u202f<\/span><\/i><\/b><b><span data-contrast=\"auto\">Michael Parker, Chairman, Global Shipping, Logistics &amp; Offshore, Citi and Chair of the Poseidon Principles for Financial Institutions.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">MEPC80 arrives amidst the growth of coalitions, voluntary initiatives, and pilot projects\u2014all clear testaments to the maritime industry&#8217;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.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">&#8220;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.\u201d <\/span><\/i><b><span data-contrast=\"auto\">said Patrizia Kern-Ferretti, Marine Strategy Consultant-CEO Office, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The MEPC80 meeting serves as a critical opportunity to establish a clear and ambitious framework for decarbonising the shipping industry towards a 1.5<\/span><b><span data-contrast=\"none\">\u00b0<\/span><\/b><span data-contrast=\"auto\">C future. MEPC&#8217;s potential to provide strong direction for intermediate milestones and a long-term vision for 2050<\/span> <span data-contrast=\"auto\">will directly influence the industry\u2019s transition towards more sustainable practices and stronger emissions reduction.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">About the Poseidon Principles<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The\u202f<\/span><a href=\"https:\/\/www.poseidonprinciples.org\/finance\/\"><span data-contrast=\"none\">Poseidon Principles for Financial Institutions<\/span><\/a><span data-contrast=\"auto\">\u202fis a framework for measuring and reporting the alignment of financial institutions&#8217; shipping portfolios with climate goals. Recognising financial institutions&#8217; 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The Poseidon Principles framework is built on four principles \u2013 Assessment of climate alignment, Accountability, Enforcement, and Transparency \u2013 which they share with the <\/span><a href=\"https:\/\/poseidonprinciples.org\/insurance\"><span data-contrast=\"none\">Poseidon Principles for Marine Insurance<\/span><\/a><span data-contrast=\"auto\">\u202fand the <\/span><a href=\"https:\/\/seacargocharter.org\/\"><span data-contrast=\"none\">Sea Cargo Charter<\/span><\/a><span data-contrast=\"auto\">. Established under the auspices of the\u202f<\/span><a href=\"https:\/\/www.globalmaritimeforum.org\/\"><span data-contrast=\"none\">Global Maritime Forum<\/span><\/a><span data-contrast=\"auto\">, 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Media contact<\/span><\/b><span data-contrast=\"auto\">: Molly Hannon| Senior Communications Manager | mph@globalmaritimeforum.org <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Institutions of the Poseidon Principles shared a statement today expressing their expectations for the IMO\u2019s forthcoming MEPC meeting.\u00a0 26 June 2023\u2014\u202fThis 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 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4456,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[6],"tags":[13],"class_list":["post-4455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-imo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>80th Marine Environment Protection Committee Meeting Represents a Key Opportunity for the Maritime Industry\u00a0\u00a0 - Poseidon Principles for Financial Institutions<\/title>\n<meta name=\"description\" content=\"This July, International Maritime (IMO) Member States will gather in London for the 80th Marine Environment Protection Committee (MEPC80) meeting. 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