Standard Chartered adheres to the principles of Poseidon
Standard Chartered announced today that it has become a signatory to the Poseidon Principles, a global framework that aims to align carbon emissions in the shipping industry with international targets set by the International Maritime Organization.
The Poseidon Principles, launched in 2019, are a commitment between banks and the shipping industry to reduce emissions from shipping, with two key goals set by IMO: reduce carbon emissions compared to 2008 d ” at least 40% by 2030 and at least 40% compared to 2008 at least 50% by 2050.
The 26 signatory banks have a global shipping loan portfolio of more than $ 185 billion, representing 50% of all shipping finance.
Standard Chartered and the 25 other signatory banks – which are committed to tracking, monitoring and reducing emissions from their shipping portfolios – together hold a global shipping loan portfolio of more than $ 185 billion, representing around 50%. of all shipping finance in the world.
Abhishek Pandey, Global Head of Shipping Finance at Standard Chartered, said: âReducing carbon emissions in the shipping industry is critical to curbing the worst effects of climate change and reaching net zero. As a bank specializing in global trade finance and global trade catalysts, adherence to the Poseidon principles is therefore an important addition to our existing efforts to reduce our financed emissions. “