Swedbank joins Poseidon Principles as its 35th signatory

28 February 2024 – The Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship finance, is pleased to announce its newest signatory, Swedbank. By joining the Poseidon Principles for Financial Institutions, Swedbank affirms its commitment to supporting and influencing the continued decarbonisation efforts of the shipping industry. 

The Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the ambition to support and facilitate the decarbonisation of the shipping industry. Covering more than 80 % of the global ship finance portfolio, the Poseidon Principles now boasts 35 signatories from diverse geographies.  

“We are proud and happy to have signed up to the Poseidon Principles, the main reference for climate alignment of ship finance,” said Johanna Fager Wettergren, Head of Group Sustainability. “This adds to the list of sectors in which the bank measures its environmental impact, further strengthening our commitment to helping our customers become more sustainable.” 

Founded over 200 years ago, Swedbank’s roots are firmly planted in the history of Sweden’s savings banks and its cooperative agricultural bank tradition, a history that informs its work today. As a leading bank with over 7 million private customers and 600,000 corporate customers in four home markets: Estonia, Latvia, Lithuania and Sweden.  

“The Poseidon Principles are pleased to welcome Swedbank as their 35th signatory,” said Michael Parker, Poseidon Principles Chair and Chairman of Global Shipping, Logistics and Offshore, Citi. “Evolving our framework in line with the IMO revised strategy encourages the expanded participation of financial institutions worldwide. Swedbank’s own sustainability agenda exemplifies this commitment.” 

Media Contact: 

Molly P. Hannon
mph@globalmartimeforum.org
+45 53 76 6787  

About the Poseidon Principles 

The Poseidon Principles for Financial Institutions is a framework for measuring and reporting the alignment of financial institutions’ shipping portfolios with climate goals. Recognising financial institutions’ 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. 

The Poseidon Principles framework is built on four principles – Assessment of climate alignment, Accountability, Enforcement, and Transparency – which they share with the Poseidon Principles for Marine Insurance and the Sea Cargo Charter. Established under the auspices of the Global Maritime Forum, 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.