Swedbank Adopts Poseidon Principles
Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship finance
The Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.
The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its revised 2023 GHG Strategy which aims for net-zero emissions from international shipping by or around 2050.
Swedbank now joins a group of around 35 banks around the world, covering about 80% of the global ship finance portfolio. They include ABN AMRO Bank, BNP Paribas, Bpifrance Assurance Export, CaixaBank A.S., Cassa Depositi e Prestiti (CDP), Citi, Crédit Agricole CIB, Crédit Industriel et Commercial (CIC), Credit Suisse AG, a UBS Group company, Danish Ship Finance, Danske Bank, DekaBank Deutsche Girozentrale, Development Bank of Japan Inc., DNB, Export Finance Norway (Eksfin), Finnvera Oyj, Hiroshima Bank, ING Bank N.V., KfW IPEX-Bank, MUFG Bank, Nordea Bank Abp, OCBC, SACE, SBI Shinsei Bank, SEB, SMBC Bank, Société Générale, SpareBank 1 SR-Bank ASA, Sparebanken Vest, Standard Chartered Bank, Sumitomo Mitsui Finance and Leasing Company (SMFL), Sumitomo Mitsui Trust Bank, THE CHUGOKU BANK, LTD. , and The Iyo Bank, Ltd.
“The shipping industry is a key enabler for world trade and offers transportation services with superior CO2 efficiency when compared to air- and road-based alternatives. The industry has made significant progress on its decarbonization journey. However, this work will still be ongoing for many years. As a Poseidon Principles signatory, Swedbank will enhance its ability to impact this process,” says Niels R. Bugge, Head of Ocean Industries at Swedbank.
During 2024, Swedbank will complete and publish its first climate alignment assessment according to the principles.
