PRINCIPLE 2

Accountability

To ensure that information provided under the Poseidon Principles for Marine Insurance is practical, fair, and accurate, signatories will exclusively rely on the data types, data sources, and service providers identified in the Technical Guidance.

We recognise the important role that classification societies and other IMO Recognized Organizations (“RO”) play in providing unbiased information to the industry and the mandatory regulation established by the IMO for the data collection and reporting of fuel oil consumption from ships (the IMO Data Collection System – “IMO DCS”*). We will rely on such entities and mandatory regulations as explicitly identified in the Technical Guidance for the provision of information used to assess and report on climate alignment.

*As of June 2024, signatories have the possibility to use modelled data when calculating climate alignment in lieu of, or alongside, collecting IMO DCS data. Work is ongoing to redefine Principle 2.

Role of affiliate members

Affiliate members will, for each step of the assessment and as necessary, support signatories by sharing knowledge about the Accountability principle and data collection process with relevant stakeholders, in line with the Technical Guidance.

What is IMO DCS?

The IMO DCS is intended to be the first step in the process to collect and analyse emission data related to the shipping industry. Under the IMO DCS, data collection on fuel consumption started 1 January 2019. It is mandatory for all ships 5,000 gross tonnage and above and engaged in international trade.

New! Incorporation of a new modelled data information flow pathway

As of June 2024, signatories have the possibility to use modelled data when calculating climate alignment in lieu of, or alongside, collecting IMO DCS data. The introduction of a a new information flow pathway, the Modelled Data Pathway Track, enables the calculation of climate alignment using modelled data from a third-party provider**. Allowing signatories to source vessel data, vessel climate alignment scores, and the overall portfolio climate alignment scores from a third-party data provider has helped to reduce some of the administrative burden they have faced, and enabled them to collect and report data on timelines that work best for their internal processes. It also provided an efficient way to gather climate data on the entire H&M portfolio and calculate climate alignment in minutes.

The Technical Guidance outlines the requirements and methods signatories and affiliate members use to assess climate alignment and abide by the four Principles. The current version, 2.0, was published in August 2024. An additional appendix with important updates to the methodology was added in October 2024, which introduced the use of modelled data in lieu of or alongside the collection of IMO DCS data.

The current three different pathways provide increased reporting flexibility by permitting signatories who prefer to gather data directly from clients or through recognised organisations to do so while accommodating those who would like to rely exclusively on modelled data.

**The Modelled Data Pathway track was developed after the Poseidon Principles for Marine Insurance Technical Committee conducted a detailed benchmarking exercise to determine a third-party data provider to recommend to be used by interested signatories. The only allowed third party data provider at this time is OceanScore.

Learn more about Accountability in the Technical Guidance