REDUCING CARBON EMISSIONS: BANKS OFFER AN INCENTIVE
July 4, 2019
The Poseidon Principles is a scheme developed by banks who cover almost one quarter of the world’s shipping loan book and has been led by Citi, Société General and DNB. The banks will look at the carbon emissions statistics of the ships they finance and calculate the level of carbon emissions across their whole portfolio. In an attempt to reduce the levels, the banks are required to finance ships with lower carbon emissions than the ones they replace. The initiative has been welcomed by many in the industry including AP Moller, Euronav, Cargill and Lloyd’s Register.