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Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio

Source: Swedbank

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship finance.

By signing, Swedbank enhances its ability to support and influence the continued decarbonisation efforts of the shipping industry.

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 decarbonisation of the shipping industry.

“We are happy to have signed the Poseidon Principles, the main reference for climate alignment of ship finance. This adds to the list of sectors in which the bank measures its environmental impact, furthering our commitment to helping our customers become more sustainable,” says Johanna Fager Wettergren, Head of Group Sustainability at Swedbank.

Swedbank now joins a group of more than 30 leading banks around the world, covering about 80 per cent of the global ship finance portfolio.

“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 decarbonisation 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.

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