shining a light
Major lender to international shipping and one of Japan’s largest asset managers, Sumitomo Mitsui Trust Bank, is the latest financial institution to join the Poseidon Principles.
The credit margin will be adjusted based on Maersk’s progress to meet its target of reducing CO2 emissions per cargo moved by 60% by 2030.
Bpifrance, the French national investment bank, through its subsidiary Bpifrance Assurance Export, is the first credit insurer to sign the Poseidon Principles which aim at limiting the carbon impact of ships.
With the signing by BNP Paribas and Credit Suisse, Signatories of the Poseidon Principles represent around US$140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.
11 major shipping banks will, for the first time, integrate climate considerations into lending decisions to incentivize maritime shipping’s decarbonization.
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