Signatory to the Poseidon Principles
In March 2020, SuMi TRUST Bank became a signatory to the Poseidon Principles established by financial institutions with the aim of contributing to the shipping industry's commitment to mitigating climate change risk.
The Poseidon Principles
The International Maritime Organization (IMO)*1 has adopted "the Green House Gas ("GHG") Strategy"*2 to comprehensively set the reduction target of GHG emissions from the international shipping industry, the measures to realize it, etc. And the Poseidon Principles were established in June 2019 by eleven major financial institutions in the West which were providing ship finance, as an approach led by private banks for "the GHG Strategy."
Sumitomo Mitsui Trust Bank quantitatively assesses the degree of contribution of our shipping portfolios to the reduction of GHG emissions from the international shipping industry, based on the GHG emission reduction target set by IMO, and discloses the results once a year as the Climate Alignment of Ship Finance Portfolios as a signatory financial institution to the Poseidon Principles.
SuMi TRUST Bank's Portfolio Climate Alignment (calculation data: as of December 31, 2021): -0.4%
- *1The International Maritime Organization, IMO: A specialized agency of the United Nations to promote international cooperation concerning maritime issues such as the security of ships and the prevention of marine pollution.
- *2GHG Strategy: The strategy adopted by IMO in April 2018, targeting to achieve zero GHG emissions as early as possible in this century. Specific reduction targets include the reduction of total GHG emissions from 2008 by at least 50% by 2050.