The Poseidon Principles: A Groundbreaking New Formula for Shipping

The Poseidon Principles: A Groundbreaking New Formula for Navigating Decarbonization 

June 17, 2019: For the past 18 months, Rocky Mountain Institute (RMI) has worked behind closed doors with an unprecedented coalition to establish the Poseidon Principles. Today, June 18, 2019, the Principles become public as 11 banks representing approximately $100 billion become the founding signatories of the agreement.

The Poseidon Principles are a new type of climate change agreement, the significance of which is difficult to overstate. As the first global, sector-wide, and self-governing climate alignment agreement among financial institutions, these principles redefine the role of banks in the maritime shipping sector and lay a clear path for the broader financial sector to make new, significant contributions to global decarbonization.

The Poseidon Principles are the first example of financial players joining forces to drive greenhouse gas (GHG) emissions reductions in line with a climate target. Signatories to the Poseidon Principles will work to foster the decarbonization of the maritime shipping sector, which represents two to three percent of global GHG emissions—around the same amount as the nation of Germany. They will do this in line with the International Maritime Organization’s (IMO’s) climate target of 50 percent absolute GHG reductions by 2050. Read More

 

 

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