On 18th June 2019, 11 banks with collectively over $100bn in assets and representing nearly 20% of the global ship finance signed a global framework agreement called the Poseidon Principles. These are directed towards meeting the Paris Agreement's target of below 2℃, and the International Maritime Organisation's ("IMO") target of cutting greenhouse gas emissions from global shipping by 50% by 2050 (compared to 2008 levels). The 11 Signatory banks will rely on the global Data Collection System for Fuel Oil Consumption by ships ("IMO DCS") (see link to our previous article') when assessing the carbon intensity of their related ship finance, and will work together in promoting responsible ship finance. In this article, we provide a brief summary and workings of the Poseidon Principles.
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