The Poseidon Principles for both ship finance and marine insurance have announced that they will benchmark their portfolios against a more ambitious decarbonisation trajectory.

Signatories of the two Global Maritime Forum initiatives committed to measuring their portfolios against a net-zero goal in 2050 that is aligned with aims to cap global warming at just 1.5C.

In an announcement during the forum’s annual summit in New York, the two Poseidon Principles initiatives will continue to also track their clients on the International Maritime Organization’s current goals calling for a 50% reduction in shipping’s carbon footprint by 2050, although the UN shipping regulator is working to increase that ambitions.