Thirty signatory banks to the Poseidon Principles are due to meet this month to agree tougher lending targets that ultim atelywill result in a cutback in shipping finance.
Paul Taylor, global head of maritime industries at Societe Generale and vice chair of the Poseidon Principles, said on Monday that the self-governing climate alignment agreement amongst financial institutions — whose members are committed to measuring and reporting the carbon intensity of their loan portfolios — is expected to “up its game and increase its ambitions” in the coming weeks in line with the International Maritime Organization’s new emissions reductions targets.
