Shipping loan portfolios run by the pioneers of the Poseidon Principles have seen their carbon emission benchmarks deteriorate sharply due to the unforeseen impact of a change in calculations and the Covid-19 shutdown of the cruise industry.
Michael Parker’s Citi saw its portfolio climate alignment move 11.7% above the target to hit the International Maritime Organization’s decarbonisation trajectory in 2021, while Paul Taylor’s Societe Generale overshot by 23.7%.
