Poseidon Principles Association unites 35 Signatories for Annual Meeting: Elects new Steering Committee members and maps future activities”

 Montrouge, France, 2 May 2024 – Following today’s annual meeting, the Poseidon Principles Association 35 signatories joined forces to elect new members to the Association’s Steering Committee and deliberate on past and forthcoming activities. Throughout the day, signatories met in person to endorse and discuss key topics including usual items of the life of the association (budget, governance, etc.), fine tuning decarbonisation trajectories or reflecting on the future of the initiative after 5 years of existence. Additionally, external presentations were conducted on topics such as ship recycling or initiatives aiming at reducing shipping greenhouse gas emissions.  

The Steering Committee serves as the governing body that coordinates the Association on behalf of its members and plays a pivotal role in advancing the ambitions of the Poseidon Principles Association. Michael Parker (Citi) retained his position as Chair of the Steering Committee, while Paul Taylor (Société Générale) and Stephen Fewster (ING) were re-elected as Vice Chair and Treasurer, respectively. “I am honoured to have been part of the Poseidon Principles’ journey since its inception, when the idea to integrate climate considerations into lending decisions in the maritime sector was first conceived,” said Michael Parker, Chair of the Poseidon Principles Association and Chairman of Global Shipping Logistics & Offshore at Citi bank. Over time, the Poseidon Principles have demonstrated increasing impact and have served as a model for other sectors. I eagerly anticipate collaborating with fellow Steering Committee members and signatories to ensure this momentum continues.” 

“It’s been a privilege to have played a role in the growth and development of the Poseidon Principles, witnessing its expansion in both size and scope since the inception of integrating climate considerations into lending decisions within the maritime industry,” said Paul Taylor, Poseidon Principles Vice Chair and Global Head of Maritime Industries, Société Générale, “I am dedicated to collaborating with my esteemed Steering Committee colleagues and signatories to continue advancing our mission and fostering a more sustainable future.” 

Hereafter, the Steering Committee consists of:  ABN AMRO Bank, BNP Paribas, Citi, Crédit Agricole CIB, Credit Suisse (UBS Group), Danish Ship Finance, Development Bank of Japan Inc, DNB, ING, KfW IPEX-Bank Nordea, SEB, SMBC Bank, Société Générale, Standard Chartered, SuMi Trust Bank. 

More information about the members of the Steering Committee is available here. 

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’ framework is in line with climate goals set by the UN maritime agency, the International Maritime Organization (IMO). The IMO revised GHG strategy adopted during MEPC 80 in July 2023 sets a new ambition to reach net-zero GHG emissions from international shipping by or around, i.e. close to, 2050. Three major changes from the current Poseidon Principles methodology are required in order to align its ambition to the IMO Revised Strategy which are (i) decarbonisation target in 2050, (ii) interim targets and (iii) the consideration of lifecycle emissions of fuels including further GHG species.   

The Poseidon Principles is one of three initiatives based on the same four Principles and developed with the Global Maritime Forum. Together the Poseidon Principles for Marine Insurance and the Sea Cargo Charter, they share a common objective: fostering transparency on emissions reporting with the aim of contributing to reducing carbon emissions. For more information, please visit www.poseidonprinciples.org/finance  

Media contact: Molly P. Hannon | Senior Communications Manager | +45 5376 6787 | mph@globalmaritimeforum.org