Watson Farley & Williams (“WFW”) is delighted to have provided legal oversight and drafting input to the group of major banks and other leading industry players developing the Poseidon Principles (“the Principles”), to support the IMO’s goal to reduce shipping’s total annual greenhouse gas emissions by at least 50% by 2050.
The Principles establish a way to assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals. Ship financiers will implement them via internal policies, procedures and standards and will apply them in all credit products secured by ships that fall under the purview of the International Maritime Organization (IMO). Their goal is to promote responsible environmental stewardship and socially responsible behaviour throughout the maritime value chain.
