Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship finance.
By signing, Swedbank enhances its ability to “support and influence the continued decarbonization efforts of the shipping industry.”
The Poseidon Principles provide “a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonisation of the shipping industry.”
Johanna Fager Wettergren, Head of Group Sustainability at Swedbank, said:
“We are happy to have signed the Poseidon Principles, the main reference for climate alignment of ship finance. This adds to the list of sectors in which the bank measures its environmental impact, furthering our commitment to helping our customers become more sustainable.”
Swedbank now joins a group of more than 30 leading banks “around the world, covering about 80 per cent of the global ship finance portfolio.”
Niels R. Bugge, Head of Ocean Industries at Swedbank, said:
“The shipping industry is a key enabler for world trade and offers transportation services with superior CO2 efficiency when compared to air- and road-based alternatives. The industry has made significant progress on its decarbonization journey. However, this work will still be ongoing for many years. As a Poseidon Principles signatory, Swedbank will enhance its ability to impact this process.”
During 2024, Swedbank will reportedly “complete and publish its first climate alignment assessment according to the principles.”
For additional details pertaining to the Poseidon Principles, check here.
As noted in the update, Swedbank says that it empowers “the many people and businesses to create a better future.”
Their vision is a financially sound and sustainable society.
Swedbank Group claims that it is “the leading bank with over 7 million retail customers and 550 000 corporate customers in our four home markets Sweden, Estonia, Latvia and Lithuania. Swedbank Group is also present in other Nordic countries, the U.S. and China.”