HOW DID WE GET THERE

Committed to improving the role of maritime finance in addressing global environmental issues

The Poseidon Principles were developed in an effort spearheaded by global shipping banks – Citi, Societe Generale, and DNB – in collaboration with leading industry players – A.P. Møller Mærsk, Cargill, Euronav, Gram Car Carriers, Lloyd’s Register, and Watson Farley & Williams – with expert support provided by the Global Maritime Forum, Rocky Mountain Institute, and UMAS.

A series of three workshops held in June 2018 across Singapore, London, and New York City brought together a total of 45 senior ship financiers along with a select group of ship owners and experts in order to explore practical approaches for integrating climate risk into financial decision-making in the maritime industry. Throughout these workshops, there was a shared vision of success: a group of aligned and committed institutions taking ownership of a set of principles with the aim of integrating climate considerations into lending decisions in alignment with the climate-related goals of the IMO.

A drafting group of leading banks, key industry stakeholders and experts was subsequently convened to develop the Poseidon Principles. Shipowners of varying sizes and geographies as well as other experts and stakeholders have been engaged and consulted throughout the process of developing the Poseidon Principles.

SIMILAR INITIATIVES

The Poseidon Principles are the first of three initiatives based on the same four Principles and developed by the Global Maritime Forum with the shared aim to decarbonise shipping.

During the very early stages of the Poseidon Principles, some charterers who were part of the drafting group voiced the need for a transparent process for reporting emissions relating to chartering activities. This is how, following the example of the Poseidon Principles, the Sea Cargo Charter was launched in October 2020. The Sea Cargo Charter provides a global framework for aligning chartering activities with responsible environmental behavior to promote international shipping’s decarbonisation. 

The most recent initiative was launched in December 2021. The Poseidon Principles for Marine Insurance gather a group of marine insurance institutions committed to aligning their portfolios with responsible environmental impacts.