Societe Generale signs Poseidon Principles promoting shipping industry decarbonisation
Societe Generale announces it is one of the founding signatories to the Poseidon Principles.
Societe Generale announces it is one of the founding signatories to the Poseidon Principles in collaboration with the Global Maritime Forum, and in league with a significant number of the shipping industry’s leading banks.
The Poseidon Principles promote a low carbon future for the global shipping industry by integrating climate considerations into bank portfolios and credit decisions. The Poseidon Principles are consistent with the International Maritime Organisation’s (IMO) ambition to reduce shipping’s greenhouse emissions by at least 50% by 2050.
"As a founding signatory to the Poseidon Principles, which aims to ensure that the highest environmental standards apply to decarbonisation within the shipping industry, Societe Generale is reaffirming its long-term commitment to support energy transition. We look forward to supporting our clients in meeting their reduction emissions targets."
Paul Taylor,Global Head of Shipping & Offshore at Societe Generale Corporate & Investment Banking and Deputy Chair of the Poseidon Principles drafting committee
As a signatory in 2018 of the Katowice Commitment, Societe Generale has committed to measure the climate alignment of its lending portfolio, and to explore ways to progressively steer financial flows towards the goals of the Paris Agreement. The Group is also committed to support its clients in their energy transition.
Furthermore, the Bank has already supported the development of greener maritime transport as demonstrated by:
- being the first financial institution to join the SEA/LNG coalition in 2018, a multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel;
- arranging the first transaction of the European Investment Bank’s green shipping guarantee program end of 2017 through a financing of Honfleur ferry, the first LNG-powered ferry to be commissioned by Brittany Ferries;
- leading for first LNG fuelled containership vessel financings for CMA CGM; this has set the standard for innovative green shipping financing solutions.
In line with the Bank’s wider energy transition commitments to promote alternative cleaner solutions, Societe Generale recognises the benefits of LNG as marine fuel in lowering local pollution and greenhouse gas emissions, when compared with traditional marine fuels.