POSEIDON PRINCIPLES ANNUAL DISCLOSURE REPORT 2023
Please find attached at Annex A, The Poseidon Principles Annual Disclosure Report 2023, issued in 14th December, which details emissions data collected from clients of 30 of the Principles’ signatory banks, along with portfolio information from 2022. The results show that 11 of the portfolios declared were aligned with the 50% CO2 reduction trajectory outlined by the 2018 IMO GHG Strategy. Measurements were also taken to assess portfolios’ alignment to the 2023 IMO GHG Trajectory, including interim targets of 20% GHG reduction (striving for 30%) by 2030 and 70% GHG reduction (striving for 80%) by 2040. As with previous reports, the 2023 report includes commentary from financial institutions on key takeaways from their climate assessment and reflections on how it will inform their business activities and decision-making in the future.
Changes to Poseidon Methodology
The Poseidon Principles announced a number of changes to their methodology, which were enacted mid-way through the reporting and data collection cycle, adjusting this year’s results. The current disclosure report outlines some changes made to the following issues:
1. Updating the decarbonisation trajectory to include the 2023 IMO GHGStrategy (net zero emissions by 2050 and interim targets for 2030 and 2040)
2. A shift from tank-to-wake to well-to-wake;
3. Expanding the emission boundaries ;and
4. Changes to continuous baseline (as requested by a ICS policy brief)
While some detail of these changes is included in the disclosure report at Annex A, the Principles have not published an updated methodology since April 2023, and so detailed calculations have not been made public.
While the ICS Secretariat examines the disclosure report in detail, members are encouraged to update the Secretariat with any concerns about the availability of ship finance due to the Poseidon Principles initiative, and to direct comments and questions on the attached to Georgia Spencer-Rowland Senior Adviser (Shipping Policy)(georgia.spencer-rowland@ics-shipping.org).
SPC(23)69 -Annex A – Poseidon-Principles-2023-Annual-Disclosure-Report