A decarbonisation initiative by major shipping banks, which closely monitors the emissions performance of clients in line with international emissions regulations, is set to significantly raise its compliance standards.

The move follows the Global Maritime Forum's Call to Action for shipping decarbonisation in which 150 signatories demanded governments match the ambitions of the Paris Agreement on climate change and target zero-carbon shipping emissions by 2050.

Poseidon Principles chair Michael Parker, who is also chairman of global shipping, logistics and offshore business at Citi — a signatory to the Call to Action — said Poseidon Principles’ global framework is also ready to make the same adjustment.