Poseidon Principles 'won't wait for IMO' to add zero-carbon goal to ship finance

Leaders of the shipping banks in the Poseidon Principles initiative to boost green lending have ramped up a commitment to aim for zero emissions after the COP26 climate negotiations.

"We expect to amend the Poseidon Principles ambition to zero by 2050 early next year once we see what comes out of COP26 and MEPC77," said Michael Parker, chairman of global shipping at Citibank and chairman of the Poseidon Principles Association.

"But we won't wait for the International Maritime Organization (IMO) if they don't respond to the various calls from several governments to raise their ambition to align with the Paris agreement," Parker added at the Ship Zero Conference in Glasgow.