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19 January 2021 The on-line newspaper devoted to the world of transports 19:28 GMT+1

December 17, 2020

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Only three out of 15 financial portfolios in the shipping are in line with the IMO's climate targets

First poseidon principles review published

Poseidon's first budget was published Principles, the principles defined by a group of banking institutions for align their portfolios in the maritime transport sector with the climate targets set by the International Maritime Organization (IMO) on the basis of an agreement signed last year ( of the 18th June 2019). The first annual report shows that, out of 15 financial institutions that have joined the initiative, the portfolios in the naval field of three of these are in line with the objectives of decarbonization of the United Nations Agency for the Sector while at present the other 12 portfolios are not aligned with the IMO's initial greenhouse gas strategy based on to which by 2050 international maritime transport will have to reduce its total annual greenhouse gas emissions of at least 50% compared to 2008 levels.

The report points out that the IMO's fourth gas study published last July, which reports the latest estimates on the carbon emissions of the world fleet, highlights that the emissions from international maritime transport have increased by +1.7% from 921 million tonnes in 2008 to 937 million tonnes tonnes in 2018. However, comparing emissions with the volume of maritime transport carried out each year, the study highlights that the carbon intensity of maritime transport has seen an improvement both as a whole and in the than most types of ships: the average carbon intensity of maritime transport international level, in fact, fell to 22% compared to 32% in 2019. 2008. This means that international shipping is more than halfway through reaching reduction target of 40% by 2030 compared to the levels set by the IMO in 2008. However, the document points out that the rate of reduction of the carbon intensity of the shipping was not constant, but that more than half decline was achieved between 2008 and 2012, while the rate of reduction in carbon intensity showed a slowdown from 2015.

The first assessment of the Poseidon Principles shows that the increase in the average size of ships has played a key role in essential in reducing carbon intensity in all types of ships compared to 2008 levels, including if this trend was less pronounced than in levels of 2012 with the exception of container ships and gas ships that have seen an increase in the size of the naval units.

Currently the Poseidon Principles have been adopted by twenty financial institutions that collectively support the sector with funds of more than $150 billion, equal to more than a third of the total financial portfolio of the shipping industry.

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