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New financing principles promote greener global shipping

Danske Bank and other leading international banks will for the first time integrate climate considerations into lending decisions to incentivise maritime shipping’s decarbonisation.

The Poseidon Principles are a global framework for assessing and disclosing the climate alignment of financial institutions’ shipping portfolios. The Poseidon Principles establish a common baseline to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals. In this way, they also serve as an important tool to manage critical investment risks.

As one of the leading financial institutions within the shipping industry, we recognise our role in addressing and promoting the sector’s high ambition to decarbonise going forward. We believe that the Poseidon Principles will be an important initiative in this respect.

Øivind Haraldsen 

Global Head of Shipping, Danske Bank.

Reduction of GHG emissions by 50 %
The Poseidon Principles are consistent with the policies and ambitions of the Initial GHG Strategy adopted in April 2018 by member states of the International Maritime Organization (IMO), a specialised agency of the United Nations responsible for regulating shipping. The strategy prescribes that GHG emissions from international shipping must peak as soon as possible and that the industry must reduce the total annual GHG emissions by at least 50% of 2008 levels by 2050, with a strong emphasis on zero emissions.

Applicable to lenders, relevant lessors, financial guarantors

The Poseidon Principles are applicable to

  • lenders
  • relevant lessors
  • financial guarantors including export credit agencies.

They are implemented in internal policies, procedures and standards and applied in all credit products secured by vessels that fall under the purview of the IMO.

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