Poseidon Principles, the initiative launched in 2019 by primary financial institutions with the aim of evaluating and disclosing the alignment of financial portfolios in the shipping sector with the decarbonisation objectives of maritime transport ( of 18 June 2019), today presented its fifth report in which it is highlighted that this process is proceeding both transparency of the information disclosed by the signatories of the agreement, both in terms of alignment performance climate targets and with regard to the intensification of cooperation and commitment of financial institutions and their customers in the shipping sector.

In particular, referring to the efforts made in 2023 in this management by the 36 financial institutions (one has joined early 2024) of 14 nations participating in the initiative and representing almost 80% of the world's financial portfolio In the shipping sector, the Fifth Annual Report highlights that a average of 93.3% of the signatories of the agreement reported data on emissions from ships that are part of at least 70% of their portfolio, with 28 signatories achieving a percentage of data reporting of at least 90% and eight achieved 100%.

In addition, the latest report states that the average scores of climate alignment have progressed significantly compared to the previous year and in relation to the alignment of the portfolios to "minimal" decarbonisation trajectories and "challenging" with respect to the objectives set by the International Maritime Organization for 2050 on the basis of of the entire well-to-wake cycle (which was adopted in 2023 by Poseidon Principles for Emissions Reporting), with the first trajectory that in 2023 marked an average score of +19.4%, which is +19.4% above the target minimum to reduce greenhouse gas emissions from transport international maritime by 20% in 2023, 70% in 2040 and reach net zero around 2050, an average score that is calculated on the basis of scores between -8% and +61.5% and that represents an improvement of 7.8 percentage points compared to the previous year. average score of the previous year, and with the trajectory challenging project that in 2023 totaled an average score of +25%, with an improvement of 7.1 percentage points on 2022, resulting in from scores between -3.5% and +69.4%.

Noting that the latest report shows how far we have come the initiative has run in five years, Michael Parker, president of the Poseidon Principles and President of Global Shipping & Logistics of Citi, specified that, however, "it also serves to remember that we are now five years closer to the goals decarbonization critiques for 2030, 2040 and 205. We must - he Parker observed – accelerating efforts, addressing problems key misalignment and ensuring that collective ambition be transformed into transformative actions". Paul Taylor, Vice President of the Poseidon Principles and Global Head of Maritime Industries of Societe Generale, confirmed that "the alignment with the 2050 net zero targets continues to represent a challenge, particularly for certain types of ships that are facing operational complexities. Well, the adoption by the Poseidon Principles of Emissions Reporting Well-to-Wake provides a solid foundation for addressing these challenges at Head held high. The Poseidon Principles - Taylor specified - will continue to evolve, setting new benchmarks for transparency and commitment to a sustainable future".