Banks to apply climate crisis criteria to future s

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The other banks are Citi, DNB, Danish Ship Finance, Danske Bank, Société Générale, DVB Bank, Nordea, Crédit Agricole, Amsterdam Trade Bank and ABN AMRO. Together they hold US$100 billion in shipping loans, around 20 percent of the global ship finance portfolio.

Developed by the banks, ship owners, charterers and classification societies – with support from the Global Maritime Forum, Rocky Mountain Institute and University College London Energy Institute - the Poseidon Principles establish a way to assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals.

ING says the 11 banks will implement the Principles via internal policies, procedures and standards and will apply them in all credit products secured by ships that fall under the purview of the International Maritime Organisation (IMO).

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