{"id":6246,"date":"2020-03-14T12:00:25","date_gmt":"2020-03-14T09:00:25","guid":{"rendered":"https:\/\/www.al-sindbad.net\/sumitomo-mitsui-trust-bank-joins-poseidon-principles\/6246\/"},"modified":"2020-03-14T12:00:25","modified_gmt":"2020-03-14T09:00:25","slug":"sumitomo-mitsui-trust-bank-joins-poseidon-principles","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/sumitomo-mitsui-trust-bank-joins-poseidon-principles\/6246\/","title":{"rendered":"Sumitomo Mitsui Trust Bank Joins Poseidon Principles"},"content":{"rendered":"

Japan\u2019s Sumitomo Mitsui Trust Bank\u00a0has become the first Asian financial institution to sign on to the Poseidon Principles, a global framework for responsible ship finance which helps incentivize shipping\u2019s decarbonization.<\/strong><\/p>\n

The principles now cover over USD 150 billion in loans to international shipping \u2014 \u00a0more than a third of the global shipping finance portfolio.<\/p>\n

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\u201cThrough becoming a signatory of the Poseidon Principles and as a member of the maritime cluster, SuMi TRUST Bank will continue to support its clients\u2019 business activities and to contribute to shape a better future for the shipping industry and our society,\u201d<\/em> the bank said in a statement.<\/p>\n

<\/p>\n

\u201cFinancial institutions play an important role in promoting maritime shipping\u2019s transition to a low carbon economy. SMTB is leading by example by becoming the first Asian bank to sign on to the Poseidon Principles. Asia is a major center for ship finance, and the decision by SMTB will encourage other Japanese and Asian financial institutions to follow their lead in the coming months,\u201d <\/em>Michael Parker, Chairman of Global Shipping Logistics & Offshore at Citi and Chair of the Poseidon Principles Association, commented.<\/p>\n

<\/p>\n

As explained,\u00a0 the bank will, on an annual basis, measure the carbon intensity and assess climate alignment \u2013 carbon intensity relative to established decarbonization pathways \u2013 of its shipping portfolio using the methodology established by the principles.<\/p>\n

<\/p>\n

SuMi TRUST Bank will also publish the overall climate alignment of its shipping portfolio starting from FY2021.<\/p>\n

<\/p>\n

The Poseidon Principles were launched<\/a> in June 2019 by eleven global shipping banks as founding signatories in an effort\u00a0to improve the role of maritime finance in addressing global climate change.<\/p>\n

<\/p>\n

The principles are consistent with the policies and ambitions of the International Maritime Organization (IMO), the Initial IMO Strategy<\/a> on the reduction of GHG emissions from ships and existing IMO activity related to reducing GHG emissions in the shipping sector.<\/p>\n

<\/p>\n

There are four principles that comprise the Poseidon Principles \u2014 Assessment of Climate Alignment, Accountability, Enforcement and Transparency.<\/p>\n

<\/p>\n

Eighteen financial institutions have joined the Poseidon Principles so far\u00a0including ABN Amro,\u00a0Amsterdam Trade Bank,\u00a0BNP Paribas<\/a>,\u00a0Bpifrance,\u00a0Citi,\u00a0Credit Agricole CIB,\u00a0Credit Industriel et Commercial,\u00a0Credit Suisse,\u00a0Danish Ship Finance,\u00a0Danske Bank,\u00a0DNB, DVB,\u00a0Export Credit Norway,\u00a0ING,\u00a0Nordea,\u00a0Soci\u00e9t\u00e9 G\u00e9n\u00e9rale,\u00a0Sparebanken Vest\u00a0and\u00a0Sumitomo Mitsui Trust Bank.<\/p>\n

<\/p>\n

In a separate announcement, SuMI Trust Bank said it signed a loan agreement with Sumitomo Heavy Industries. The loan is in accordance with the Principles for Sustainability Linked Loan established by the Loan Market Association.<\/p>\n

world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":"

Japan\u2019s Sumitomo Mitsui Trust Bank\u00a0has become the first Asian financial institution to sign on to the Poseidon Principles, a global framework for responsible ship finance which helps incentivize shipping\u2019s decarbonization. The principles now cover over USD 150 billion in loans to international shipping \u2014 \u00a0more than a third of the global shipping finance portfolio. \u201cThrough …<\/p>\n","protected":false},"author":1,"featured_media":6247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[3294,1884,3293,3295,2980,3292,1848],"class_list":["post-6246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-bank","tag-joins","tag-mitsui","tag-poseidon","tag-principles","tag-sumitomo","tag-trust"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=6246"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/6247"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=6246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=6246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=6246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}