📢 The Poseidon Principles has not only served as an example of how finance can play a role in accelerating climate action, but also seems to be inspiring an industry-wide shift with transparency initiatives sprouting in other sectors namely steel, aluminum and soon aviation. In September of 2022, 6 banks signed the Sustainable Steel Principles (SSP), five of which are already our signatories, committing to measuring and disclosing the climate alignment of their steel industry lending portfolios. Last month they published their 2023 Annual Report where one third of signatories aligned with the 1.5°C benchmark.🌡 The SSP draws inspiration from the Poseidon Principles, enabling lenders to measure and disclosure alignment while also signaling their emissions reduction expectation to stakeholders. Furthermore, they encourage lenders to engage clients in identifying financing options to accelerate their decarbonisation efforts.💸 💡 To learn more about actions that support decarbonisation and transparency from signatories within the shipping industry, delve into our 2023 Annual Disclosure Report ➡ bit.ly/3GCv03Z Citi, Crédit Agricole CIB, ING, Societe Generale, Standard Chartered,
Six banks signed the groundbreaking Sustainable Steel Principles in September of 2022, committing to measuring and disclosing the alignment of their steel industry lending portfolios. ➡️ How much progress has been made? ➡️ How are signatory banks advancing their commitments? 📢 Read the inaugural annual report to find out more about steel decarbonization, the 2022 alignment of signatory banks, and details about the Sustainable Steel Principles: https://lnkd.in/eBQn66aQ Citi, Crédit Agricole CIB, ING,Societe Generale, Standard Chartered, UniCredit
