Four principles to track progress towards maritime decarbonisation
The Poseidon Principles are a framework for financial institutions to assess and disclose the climate alignment of shipping portfolios. They are based on four principles that establish a common methodology for transparently tracking progress towards maritime decarbonisation.
The methodology is aligned with the IMO’s greenhouse gas (GHG) strategy set in 2023, which aims for net-zero emissions from international shipping by or around 2050. While climate alignment is the only metric considered currently, the framework is intended to evolve over time to include other issues where the collective influence of financial institutions can help improve the international shipping industry.
Principle 1: Assessment
Signatories will measure the emission intensity of their shipping portfolios on an annual basis and assess their climate alignment relative to established decarbonisation trajectories. This assessment is based on a robust industry-appropriate methodology outlined in the Technical Guidance.
Principle 2: Accountability
Signatories will rely on the International Maritime Organization (IMO) standards and recognised organisations (RO) for the provision of identical, unbiased information for all steps of assessing climate alignment as identified in the Technical Guidance. This includes honouring mandatory IMO regulations for collecting and reporting fuel oil consumption information in the IMO Data Collection System (DCS).
Principle 3: Enforcement
Signatories will include a covenant clause, or a binding agreement, in all new shipping business activities which ensures access to high quality data and compliance with the Poseidon Principles. Signatories commit to working with clients to gather the necessary information to assess climate alignment.
Principle 4: Transparency
Signatories will publicly acknowledge their participation in the Poseidon Principles and publish their climate alignment scores in the Poseidon Principles Annual Disclosure Report and their own corporate reports each year.
POSEIDON PRINCIPLES
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