MOORE Global: Environmental sustainability in the shipping industry
The concerns over the impact of the shipping industry on the environment have intensified the last few years with a number of initiatives being undertaken by various stakeholders. Shipping companies have to consider the impact of environmental, social and governance factors into their strategy, among other challenging factors, if they seek access to shipping capital. On June 18, 2019, 11 major shipping banks launched the Poseidon Principles which will enable banks to support the shipping industry’s reduction of carbon emissions by 50% by 2050. The Poseidon Principles establish a global framework for assessing and disclosing whether banks’ lending portfolios are consistent with adopted climate goals. The objective is all financing sought by ship-owners to be directed to environmentally friendly ships.
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