Press Release from 2022-09-22 / KfW IPEX-Bank
KfW IPEX-Bank signs up to Poseidon Principles
KfW IPEX-Bank has endorsed the Poseidon Principles, the global framework for responsible maritime finance. This is a further step to continuously develop the sustainability framework of KfW IPEX-Bank in financings for the maritime industry.
The Poseidon Principles aim to integrate climate considerations into lending decisions in ship finance, consistent with the climate-related goals of the IMO. They provide valuable insights into the greenhouse gas (GHG) emissions of the shipping industry and the reductions goals.
„We have been continuously engaged with the leading Poseidon Banks since 2019” says Andreas Ufer, member of the Management Board of KfW IPEX-Bank. “And as the Poseidon Principles have been consistently developed, they now match perfectly with our group sustainability framework for our business in the Maritime Industries”.
About Poseidon Principles
Launched in 2019, the Poseidon Principles are a global framework for assessing and disclosing the climate alignment of financial institutions’ shipping portfolios. They establish a common, global baseline to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals. Thus, they also serve as an important tool to support responsible decision-making.
The Poseidon Principles are consistent with the policies and ambitions of the International Maritime Organization, a UN agency responsible for regulating shipping globally, including its ambition for GHG emissions to peak as soon as possible and to reduce the total annual GHG emissions by at least 50% by 2050 compared to 2008.