The IMO (International Maritime Organisation) is the United Nations’ specialised agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships.

The IMO approved an initial greenhouse gas (GHG) strategy in April 2018 to reduce GHG emissions generated by shipping activity, prescribing that international shipping must reduce its total annual emissions by at least 50% of 2008 levels by 2050, whilst pursuing efforts towards phasing them out as soon as possible in this century. Following the 2018 GHG Strategy, the IMO approved a revised strategy on the reduction of GHG emissions from ships in July 2023.

This 2023 IMO GHG Strategy sets out the following levels of ambition:

1. to reduce the total annual GHG emissions from international shipping by at least 20%, striving for 30%, by 2030, compared to 2008
2. to reduce the total annual GHG emissions from international shipping by at least 70%, striving for 80%, by 2040, compared to 2008.
3. GHG emissions from international shipping to peak as soon as possible and to reach net-zero GHG emissions by or around, i.e. close to 2050

Further terms that do not define GHG reduction rates, but are also in the revised level of ambition include:

4. carbon intensity of the ship to decline through further improvement of the energy efficiency for new ships
5. carbon intensity of international shipping to decline to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% by 2030, compared to 2008
6. uptake of zero or near-zero GHG emission technologies to represent at least 5%, striving for 10%, of the energy used by international shipping by 2030

Moreover, any activity related to emission reduction and climate alignment in shipping will need to capture lifecycle emissions (well-to-wake approach) as well as all the relevant GHG species as specified by the IMO.

The strategy also states that a basket of antedate measure(s), delivering on the reduction targets, should be developed to promote the energy transition of shipping and provide the world fleet a needed incentive while contributing to a level playing field and a just and equitable transition.

According to the IMO’s Fourth GHG Study 2020, the sector accounted in 2018 for 2.89% of global anthropogenic emissions. Left unchecked, shipping emissions were expected to grow by 90-130% by 2050 compared to 2008 levels.

While CO₂ represented almost all of the industry’s GHG emissions (98%), methane (CH₄) emissions from ships increased over this period (particularly over 2009–2012) due to increased activity associated with the transport of gaseous cargoes by liquefied gas tankers due to methane slip. There is potential for this trend to continue in the future if shipping moves to liquefied natural gas (LNG)-powered ships.

Nations pledged in the 2015 Paris Agreement “to achieve a balance between anthropogenic emissions by sources and removals by sinks of GHG in the second half of this century” (UNFCC, 2015). This means getting to “net zero emissions” between 2050 and 2100. 2050 therefore represents a key milestone in the Paris Agreement, which the IMO explicitly references in its Strategy. The Intergovernmental Panel on Climate Change (IPCC) has quantified this target through a specific limit to a global temperature rise due to anthropogenic emissions of not more than 1.5°C compared to pre-industrial levels.

The 2023 IMO GHG Strategy does not alone secure 1.5°C future.

The objective of the Poseidon Principles for Marine Insurance is to use the knowledge on portfolio climate alignment to support marine insurance clients in the transition to net zero journey, enhancing transparency. They aim to be voluntary, practical to implement, verifiable, fact-based, and effective. Signatories commit to implementing the Principles in their internal policies, procedures and standards.

The Principles are intended to evolve over time following a regular review process to ensure that they are practical and effective, are linked to and support the IMO’s GHG measures developed overtime, and that further environmental factors are identified for inclusion.

The Poseidon Principles for Marine Insurance offer a framework for insurers to assess and disclose the climate alignment of their hull and machinery  (H&M) portfolios.

H&M represents the second largest part of marine insurance coverage (with Marine Cargo as the largest portion), which means this first step offers the greatest coverage and potential for impact across Marine Insurance. In terms of data availability to measure carbon emissions, H&M offers a comparable starting point to the Poseidon Principles for Financial Institutions as a tangible first step to assess and disclose climate alignment. 

By following the framework and common baseline, climate alignment data is available for signatories to better enable the alignment of their portfolios with responsible environmental impacts.

Climate alignment is currently the only environmental factor considered by the Poseidon Principles for Marine Insurance. This scope will be reviewed and may be expanded by signatories on a timeline that is at their discretion.

The Poseidon Principles for Marine Insurance were developed in an effort spearheaded by global shipping insurers, leading industry players (brokers, shipowners and classification societies) as well as the Global Maritime Forum, Swiss Re Corporate Solutions, and UMAS. The drafting group included Gard, Cefor, Willis Towers Watson, Mærsk, Star Bulk, and Lloyd’s Register. The International Union of Marine Insurers (IUMI) was regularly consulted.

The Poseidon Principles for Marine Insurance were developed with the involvement of shipowners. This was to ensure that the Principles were developed and shaped in a way that considered the shipowner perspective as the clients of the signatories and affiliate members. How the Principles will affect clients was prioritised throughout the process, to ensure that shipowners are supported in the best way.

The Global Maritime Forum and UMAS have been part of this work since its inception. They have also been working with other initiatives such as the Poseidon Principles for Financial Institutions and the Sea Cargo Charter, to ensure that various initiatives within the shipping sector are compatible. A broader group of NGOs and other stakeholders have been kept informed throughout the process, like the UNEPFI as well as IUMI.

The Poseidon Principles for Marine Insurance were developed in December 2021 and were strongly inspired by the Poseidon Principles for Financial Institutions. The four core Principles are the same for both initiatives, which also use the same metric, the AER (Annual Efficiency Ratio).

Another similar initiative similar is the Sea Cargo Charter, a framework for responsible chartering. The ambition to develop the Sea Cargo Charter finds its source is the very early stages of the Poseidon Principles. The four core Principles are the same for both, but the two frameworks rely on different metrics. Both Poseidon Principles uses AER and can therefore rely on the IMO DCS to collect data, while the Sea Cargo Charter uses EEOI and thus have a different approach to source data.

Institutions wishing to become a signatory or affiliate member must submit 3 documents to the the Secretariat of the Poseidon Principles for Marine Insurance: the Standard Declaration, the Signatory Application, and the Membership Agreement. Once accepted into the Association, the new member will have five months to complete and submit the Self-Assessment to the Secretariat. All documents are available from the Secretariat.

The Standard Declaration is the formal commitment required of insurance providers to become a signatory, or for other institutions to become an affiliate member. It announces the intent of the institution to follow all requirements of the Principles. The Standard Declaration is available from the Secretariat.

Another document an organisation must submit in order to become a signatory is the Membership Agreement. This document outlines legal obligations for signatories. The Membership Agreement is available on the website. 

The purpose of the Self-Assessment is to ensure that each member has made appropriate arrangements to fulfill its obligations under the Poseidon Principles for Marine Insurance and identified any challenges to doing so. The Self-Assessment is as brief as possible to reduce the administrative burden, while still addressing the core responsibilities of members. The questions focus on ensuring that members are aware of timelines and obligations, have engaged internal stakeholders, have engaged clients, and have a plan for engaging the necessary service providers to complete their climate alignment assessment. The Self-Assessment is available from the Secretariat.

The Poseidon Principles for Marine Insurance are designed to support other sustainable insurance initiatives. They are aligned with the Poseidon Principles for Financial Institutions and the Sea Cargo Charter, and are also intended to support other initiatives, such as the Carbon Disclosure Project (CDP), the Task Force on Climate-related Financial Disclosure (TCFD), the Science Based Targets Initiative (SBTi), and the UNEPFI Principles for Sustainable Insurance (UNEP PSI).

The Principles support the transition of global shipping, as well as the work of the Partnership for Carbon Accounting Financials (PCAF). As such, the Principles set a pioneering framework for reporting emissions for the shipping industry, thus enhancing accountability and transparency and creating a global baseline to support and work towards the greater climate goals.

The Poseidon Principles for Marine Insurance were developed in recognition of the insurance industry’s role in promoting responsible environmental stewardship throughout the maritime value chain. Signatories are recognised for contributing to an initiative that is ground-breaking in the spheres of shipping and insurance. Furthermore, signatories gain access to like-minded network of organisations and valuable data that can be used to assess and mitigate potential climate risks.

The aim of the Principles is to support clients and benchmark the starting point for how they can reduce the climate impact of their business. With clients of signatories sharing key environmental performance information and data with their insurer, as they already do with their lenders or with their charterers, there is the added benefit of knowing where they stand with their climate alignment.

The Sign-up Fee for 2024 is €12,000 and is paid to the Poseidon Principles Association when becoming a signatory/affiliate member. This one time fee for new joiners and is subject to approval and change by all signatories the Annual Meeting each year.

The Annual Fee for 2023 is respectively € 8,500 for signatories and € 3,500 for affiliate members. It is paid annually to the Poseidon Principles Association in accordance to the Governance Rules. Annual fees for 2024 should be similar. 

In the first year of membership, the Annual Fee is required in addition to the Signatory/Affiliate member Fee.

In shipping, GHG intensity (or emissions intensity) represents the total emissions generated to complete one unit of transport work, which is measured in grams of CO₂e per ton-nautical miles. For the Poseidon Principles, this is measured using a carbon equivalent intensity measure known as Annual Efficiency Ratio (AER), which is reported in unit grams of CO₂e per dwt-nm (gCO₂e/dwt-nm). The IMO DCS enables the calculation of the AER, thus ensuring that the Poseidon Principles are consistent with the IMO’s regulations.

The target emission intensity in a given year is calculated as a function of the ship type and size as explained in the Technical Guidance. The carbon intensities of individual ship types and sizes are estimated based on the mean AER values from the Fourth IMO GHG Study.

The Poseidon Principles for Marine Insurance uses continuous required emission intensity baselines for each vessel type and size. The required emission intensity is expressed as follows:

r_s=(a.Year³+ b.Year² +c.Year+d).Size_e

Where r_s is the required emissions intensity, Year is the year for which the emissions intensity is required and Size is the size of the vessel in question in deadweight tonnage (DWT), gross tonnage (GT), twenty-foot equivalent unit (TEU) or gas capacity (CBM). The coefficients a, b, c, d and e arising from the fitted curves can be found in Table 6 and Table 7 and the attached technical note with further details.

In the context of the Poseidon Principles for Marine Insurance, a decarbonisation trajectory is a representation of how many grams of CO₂e a single ship can emit to move one tonne of goods one nautical mile (gCO₂e /tnm) over a given time to be in line with the 2023 IMO GHG Strategy ambition of reducing total annual well-to- wake GHG emissions to net-zero around 2050. This also takes into account the interim checkpoints in 2030 (20% reduction, striving for 30% on 2008 levels) and 2040 (70% reduction, striving for 80% on 2008 levels).

The decarbonisation trajectory represents the emission intensity reduction required to meet certain decarbonisation ambitions. For the purposes of the Poseidon Principles for Marine Insurance, and consistent with the current interpretation of the 2023 IMO GHG Strategy, the decarbonisation trajectories used consider:

• The “minimum” interim targets of 20% GHG reduction in 2030 and 70% GHG reduction in 2040 relative to 2008.
• The “striving for” interim targets of 30% GHG reduction in 2030 and 80% GHG reduction in 2040 relative to 2008.
• A net-zero GHG target in 2050
• A well-to-wake carbon dioxide equivalent (CO₂e) perspective.

The overall decarbonisation trajectory is applied to each vessel category’s baseline value at 2012 providing specific values for each ship type and size because carbon intensities vary as a function of ship type and size, as well as a ship’s technical and operational specification. The trajectory is used to help measure the alignment of vessels, products, and the portfolio of signatories.

The trajectories will be reviewed and improved over time to maintain the robust nature of the initiative and remain in step with up to date climate science and goals.

The Secretariat and official Advisory of the Poseidon Principles for Marine Insurance Association will produce and provide standard decarbonisation trajectory for each ship type-class and size for signatories, based on agreed and clearly stated assumptions. The trajectory is based on the most up to date data source of the IMO recognised information and will be updated once new information becomes available.

It is produced in a format that allows for simple weighting aggregation. This is to ensure that once the emissions intensity of vessels is understood, it is simple and practical to understand climate alignment. This also ensures that numbers are comparable between signatories.

In September 2022, signatories committed to aligning the Poseidon Principles for Marine Insurance to the ambition of the Paris Agreement. While the IMO’s revised strategy was more ambitious than expected, there are shortcomings in terms of alignment with the Paris Agreement and reaching a 1.5ºC temperature goal.

However, upon analysis of the impact of MEPC 80, the GHG reduction levels used to define the new 2023 IMO ambition aligned trajectories are quite close to the 1.5ºC pathway for shipping. Because of this similarity, the Poseidon Principles for Marine Insurance has decided to concentrate on incorporating the forward-looking IMO revised strategy and postponed introducing an additional trajectory aligned with a 1.5°C future for this reporting cycle.

While this means that the trajectories used to measure climate alignment in this report are not aligned with a 1.5ºC temperature goal, incorporating trajectories which represent the 2023 IMO GHG Strategy is still a significant step toward aligning with the Paris Agreement.

The methodology that underpins the Poseidon Principles for Marine Insurance has been carefully designed to ensure that no type or size of vessel is disadvantaged. Thus, it does not matter which types or sizes of vessel are in a hull and machinery portfolio; what matters is the carbon intensity of those vessels relative to their respective decarbonisation trajectories.

There is no publicly available data for this calendar year which would allow climate alignment to be calculated per ship type or size, so there is some uncertainty on whether current portfolios are likely to be aligned with the trajectory. It is expected that the median carbon intensity by ship type and size will not be far from today’s trajectory alignment requirements, in large part because the fleet has seen significant carbon intensity improvement (slow steaming, increase in attention on energy efficiency, new build EEDI regulation) since 2008. Historical data shows some variation within each ship type and size, so depending on the mix of ships in a given insurer’s portfolio this may not be the case. If results from the first year of reporting show that there is a systemic (across signatories’ portfolios) significant misalignment, there is scope to revise the assumptions underpinning the trajectories. Likewise, the trajectories will be updated as more accurate data becomes available (e.g. EU MRV data, new IMO GHG Study, and any analysis presented by the IMO).

The Poseidon Principles for Marine Insurance establish a framework for the assessment of climate alignment and disclosure of hull and machinery portfolios. It does not provide solutions for how to achieve climate alignment. It is the responsibility of signatories to determine how they choose to improve the

Broadly speaking, however, to improve a portfolio’s score, it is necessary to reduce the carbon intensity of the vessels that underlie the portfolio relative to their respective decarbonisation trajectory. In the short- to medium-term (1-5 years), for most sectors, especially for ships which travel on long haul routes, the most commercially viable solutions for reducing carbon intensity are through speed reduction and energy efficient technologies and operation scheme. Over the long-term (in 10+ years), the sector will need to use increasing quantities of energy and fuel which produce lower GHG emissions when used on board. Options include harvesting of renewable energy on board (wind propulsion, solar, wave), bioenergy, battery energy storage, synthetic or e-fuels (sometimes also called power-to-liquid or power-to-gas), made from renewable electricity or fossil fuel sources in combination with carbon capture and storage (CCS).

These options are at varying levels of readiness and use. For example, solar has been in use for supplementing auxiliary power for some time. Wind assistance technologies have been in use for some time on several sea going ships, as has battery energy storage and biofuel. Some of these options have yet to be deployed for deep sea shipping operation (for example bioenergy and synthetic/e-fuels) but are already deployed and in operation for short sea shipping. Their application for deep sea shipping use is the subject of intense R&D effort, and their potential availability is expected over the coming decade.

Signatories and affiliate members can engage with clients to identify ways to bring down emissions intensity or they could rebalance their shipping portfolio over time towards parts of the sector that are more climate-aligned or towards technologies that are climate-aligned (e.g., lower-carbon fuels).

Being a signatory to the Poseidon Principles for Marine Insurance does not preclude the use of carbon offsetting, but these are not considered when reporting emissions and assessing climate alignment under the methodology: the full extent of emissions is captured in the assessment of climate alignment.

Different fuels emit different amounts of different GHG’s according to their chemical composition. This combines with the efficiency of the vessel’s operation to determine the carbon intensity of voyages. The carbon emission factors to be used can be found in the Technical Guidance. It should be noted that low sulphur variants carry the same carbon emission factor as high sulphur equivalents.

The current regime for GHG accountability is increasingly includes a lifecycle approach to assess the emissions associated with specific fuels. This implies that upstream emissions (emissions from the extraction, cultivation, processing and transportation of fuels before reaching a vessel’s bunker) will play an increasingly important role in decision-making around long lifetime assets such as ships which require an energy source to operate.

While the initial IMO GHG Strategy in 2018 considered operational emissions (tank-to-wake approach), the 2023 IMO GHG Strategy captures lifecycle emissions (well-to-wake approach). The most pertinent to determine upstream emissions for the purposes of the maritime industry is the lifecycle assessment (LCA) guidance, that is due to be finalised in 2024. These LCA guidelines will provide a widely accepted framework for defining emission factors which are expected to become the standard for the industry.

HAs the Poseidon Principles for Marine Insurance waits for the distribution of these guidelines, a set of interim emission factors has been developed in the meantime by the Technical Advisory to be able to fully align with the ambition in the 2023 IMO GHG Strategy in the interim period. Main sources used were the provisional IMO LCA Guidelines, material from the European Commission outlining reporting under Fit for 55 regulation, the Fuel EU/ecoinvent database, as well as the GREET framework used in the US.  Emission factors for conventional liquid fuels are also available in MEPC 80/7/4.

Any improvements undertaken by the owner in terms of efficiency (design or operational) will be reflected in the fuel consumption and hence in the data/score.

Much like other operational efficiency measures, this will result in reduced fuel consumption and hence be reflected in the data/score of the vessel.

Older vessels may have a higher fuel consumption, which in turn would be reflected in the vessel’s AER.

The initial IMO GHG Strategy considered operational emissions (tank-to-wake approach) while the 2023 IMO GHG Strategy captures lifecycle emissions (well-to-wake approach). To comprehensively measure a ship’s total emissions, upstream and operational emissions should be combined, which prevents issues arising from emissions “leakage” due to fuels which have zero carbon emissions on a tank-to-wake basis but higher emissions when their upstream emissions are counted.

To allocate upstream well-to-tank emission factors, assumptions regarding vessel technologies, fuel feedstocks and production processes must be made as currently no set of widely accepted emission factors are in place for non-conventional fuel. This is less of a problem for conventional maritime fossil fuels.

The most pertinent for the purposes of the maritime industry is the lifecycle assessment (LCA) guidance that is due to be finalised and published in 2024. These LCA guidelines will provide a widely accepted framework for defining emission factors which will become the standard for the industry. 

As the Poseidon Principles for Marine Insurance waits for the finalisation of these guidelines, a set of interim emission factors has been developed by the Technical Advisory to be able to fully align with the ambition in the 2023 IMO GHG Strategy. Main sources used were the provisional IMO LCA Guidelines, material from the European Commission outlining reporting under Fit for 55 regulation, the Fuel EU/ecoinvent database, as well as the GREET framework used in the US.  Emission factors for conventional liquid fuels are also available in MEPC 80/7/4.

With this information at hand and keeping the logic that transparency will be key to ensure legitimacy and credibility for any pragmatic way forward, the following cascading order of emission factor priority has been adopted:

1. Emission factors for conventional liquid fuels available in MEPC 80/7/4 should be used;
2. All other emission factors should be taken from the Fuel EU/ecoinvent database.
3. Any other emission factors should be taken from the GREET database.

A complete list of emission factors can be found in the Technical Guidance.

Interim emission factors have been developed by the Poseidon Principle’s Advisory to be able to fully align with the ambition in the 2023 IMO GHG Strategy in the interim period before the publication by the IMO of updated lifecycle assessment (LCA) guidance.

The following cascading order of emission factor priority has been adopted:

1. Emission factors for conventional liquid fuels available in MEPC 80/7/4 should be used;
2. All other emission factors should be taken from the Fuel EU/ecoinvent database.
3. Any other emission factors should be taken from the GREET database.

It is the same as used in other IMO regulatory mechanisms (e.g., EEDI).

The source of the data is from direct operations from the ship using the methodology provided by the IMO DCS. Therefore, the data is not adjusted, rather it is as provided by vessel for mandatory purposes.

Any improvements undertaken by the owner in terms of efficiency (design or operational) will be reflected in the fuel consumption and hence in the data/score.

Different fuels have a different CO2 emissions factor, and this is reflected in the calculation of fuel consumption to CO2 emissions.

Much like other operational efficiency measures, this will result in reduced fuel consumption and hence be reflected in the data/score of the vessel.

Older vessels may have a higher fuel consumption, which in turn would be reflected in the vessel’s AER.

The IMO DCS is mandatory and has gone into effect in January 2019. Shipowners who do not comply within the timeframe set by the IMO will not have a Statement of Compliance which will affect their license to operate. In other words, it is not availability of data but rather access to the data for these purposes that will be of primary concern for signatories. It is the assessment of the law firm WFW that insurance providers are within their rights under existing policy agreements to demand disclosure of data necessary to comply with the Poseidon Principles for Marine Insurance.

Nonetheless, the Poseidon Principles for Marine Insurance do take into account that in some circumstances, collecting the necessary data may not be possible. In this instance, signatories will be required to disclose the percentage of the eligible portfolio for which there is non-disclosure. This information will be available to other signatories but will not be publicly disclosed.

An external audit is not a requirement of the Poseidon Principles for Marine Insurance. However, in practice, some insurance providers will choose to have an independent assessment in line with their other reporting activities.

Signatories to the Poseidon Principles for Marine Insurance are expected to comply with both the Accountability and Transparency requirements. Altogether, these are:

a.  The overall climate alignment of the signatory’s hull and machinery portfolio reported as a +/- percentage figure;

b. The percentage of eligible hull and machinery portfolio that is reporting;

c.  The percentage of portfolio for which preferred and allowed pathway tracks were used;

d. A list of the providers it used.

All information will be shared privately with other signatories. Thus, if a signatory make all calculations on their own, they will have to report that to the Secretariat, which will share this information with other signatories. Only the portfolio alignment score will be made public.

It is the opinion of WFW that typically insurance providers will be well within their rights to ask their clients for this information. However, it is recognised that collecting 100% of relevant data may not be possible in some circumstances.

In this instance, signatories will be required to disclose the percentage of their eligible portfolio for which they have non-disclosure. This information will be available to other signatories. Please see Table 3 in the Technical Guidance of the Poseidon Principles for Marine Insurance for an example of this.

If there are significant inconsistencies, it will fall to the governance system to determine how to address the issue. This is to preserve the integrity and legitimacy of the Principles, as we expect this percentage to improve over time.

Classification societies are members of the International Association of Classification Societies (IACS) and as such can work together to share the data (and have done so in other contexts).

Insurance providers are within their rights under most current agreements to demand disclosure of data necessary to comply with the initial Poseidon Principles for Marine Insurance. It was at the request of shipowners in the drafting group that the Principles should include a standardised covenant clause covering the more specific information so that they do not have to negotiate similar wording with every provider.

While the covenant wording is strongly recommended, it is not compulsory for signatories. However, if all signatories start using it in new agreements it will de facto be in common usage. There is no suggestion that existing agreements should be amended.

As a signatory of the Poseidon Principles for Marine Insurance, the reporting requirements are:

• The overall climate alignment scores of a signatory’s hull and machinery portfolio reported as a +/- percentage figure.
• The percentage of eligible hull and machinery portfolio that is reporting.
• The percentage  of  portfolio  for  which  preferred  and  allowed  pathway tracks  were  used.
• A list of the names of providers it used.

Only the signatory’s overall climate alignment score will be published. All other information listed above will be shared with other signatories but will not be made public. For further details see the Transparency section of the Technical Guidance.

Every effort has been made to minimise the reporting requirements of the Poseidon Principles for Marine Insurance themselves. While it is required that signatories include their portfolio climate alignment figure in relevant institutional reports (e.g., sustainability reports), the Poseidon Principles for Marine Insurance do not interact with any other reporting initiatives.

The Poseidon Principles for Marine Insurance will publish the portfolio climate alignment scores of signatories on its website, in the Annual Disclosure Report where the Association will also provide some context in order to put the scores alignment score in perspective and correctly interpret them. The previous reports can be found on the Resources page.

Signatories are required to publish their portfolio climate alignment in relevant institutional reports (e.g., sustainability report) on timeline that is appropriate for them. There is however nothing to stop individual signatories to publish their climate alignment at a more granular level, for example by vessels category.

Steering Committee: The Steering Committee is comprised of 8 to 12 representatives of signatories to the Poseidon Principles for Marine Insurance. One member acts as Chair, one member as Vice Chair, one member as Treasurer. Steering Committee members hold a senior position in their companies relevant for the Poseidon Principles for Marine Insurance. The Steering Committee leads the Association’s meetings. Members of the Steering Committee are volunteers and are therefore not compensated by the Association. The list of members currently part of the Steering Committee can be found on the website

Signatories/affiliate members: All signatories/affiliate members are members of the Poseidon Principles for Marine Insurance Association and are encouraged to participate in and contribute to the management of the association in a manner that supports the Principles and is appropriate for their institution. Those institutions who have become signatories/affiliate members will appoint a senior representative to join relevant meetings of the association, such as the Annual Meeting. Just as with the Steering Committee, the representative must hold a position relevant to the Poseidon Principles for Marine Insurance. Signatories can nominate a representative from their institution to become a member of the Steering Committee. Nominees are then voted into positions by all signatories and serve a term in the Steering Committee as outlined in the Governance Rules.

Technical Committee: Signatories previously agreed to establish the Technical Committee. Its role is to ensure methodological integrity of the Poseidon Principles for Marine Insurance within the scope agreed by the Steering Committee. The Technical Committee does not have decision-making power; it formulates proposals which are then brought up to signatories. The Technical Committee is composed of a subset of signatories and is supported by the Advisory and Secretariat. Technical Committee members must hold appropriate technical background.

Secretariat: The role of the Secretariat is to maintain the day-to-day business and administration of the Steering Committee, the Principles, and the signatories/affiliate members. The Secretariat serves a facilitating function in the Steering Committee, Technical Committee, and among members. The Secretariat role can be fulfilled by a relevant non-profit and independent third-party entity. This role is currently fulfilled by the Global Maritime Forum.

Advisory: The advisory advises and guides the technical discussions and expertise of the Principles, including creating and revising the scope of the Principles or the decarbonisation trajectory. It ensures the used methodology and data found in the Principles are current, relevant, and simple to implement for signatories. The advisory is also involved in working groups and takes part in the Steering Committee or Technical Committee meetings as needed. Current technical advisory is UMAS.