The world’s largest privately-held insurance brokerage firm commits to supporting the global framework for responsible marine insurance. The Poseidon Principles for Marine Insurance are a global framework for measuring and publicly reporting the carbon footprint of insurers’ shipping portfolios.
The voluntary emissions disclosure framework provides signatories with actionable guidance on engaging with clients, enables them to improve decision-making at a strategic level, and allows them to incentivize responsible environmental behavior throughout the maritime value chain.
Alistair Rivers, Global Head of Marine Practice at Lockton, said: “The international shipping industry is embarking on the single largest energy transition in modern times; the only way it can be achieved is together.
“The Poseidon Principles for Marine Insurance represent an important development in cross-party dialogue through the provision of a carbon reporting standard for insurers alongside a net-zero target. Lockton is proud to be a part of this work and I look forward to contributing our expertise in support of this initiative and our clients’ journeys towards a decarbonized future.”
Brokers, clubs, and other critical stakeholders in marine insurance can join the Poseidon Principles for Marine Insurance as affiliate members. In doing so, brokers commit to supporting the initiative, for example by helping facilitate knowledge sharing between signatories and clients on the framework’s data collection requirements.
Signatories measure their climate alignment scores against the IMO’s ambition for GHG emissions from international shipping to peak as soon as possible and to reduce total annual GHG emissions by at least 50% by 2050 compared to 2008. As a step toward alignment with the Paris Agreement, the Poseidon Principles for Marine Insurance also measure underwriting portfolios against a 100% by 2050 CO2 reduction trajectory.
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