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Banks set new lending criteria for shipping industry to cut CO2 emissions


NON-PROFIT organisations Rocky Mountain Institute, Global Maritime Forum and UCL Energy Institute have announced that 11 major shipping banks, representing a bank loan portfolio to global shipping of US$100 billion will for the first time integrate climate considerations into lending decisions to encourage maritime shipping's decarbonisation.

Shipping accounts for 2.2 per cent of world carbon dioxide emissions, according to the International Maritime Organisation that sets regulations on pollution from ships. The lending framework, called the "Poseidon Principles," will assess and disclose whether financial institutions' lending portfolios are in line with the IMO's climate goals adopted in 2018.

The banks involved include Citi, Societe Generale, DNB, Danish Ship Finance, Danske Bank and Norway's DVB. More signatories are expected following the official launch in a few months, according to Michael Parker, global industry head of Shipping and Logistics at Citigroup.

"As banks, we recognise that our role in the shipping industry enables us to promote responsible environmental stewardship. The Poseidon Principles will not only serve our institutions to improve decision making at a strategic level but will also shape a better future for the shipping industry and our society," Mr Parker said.

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