Finnvera becomes signatory to the Poseidon Principles to measure the greenhouse gas emissions of ship finance
Finnish export credit agency Finnvera has joined the Poseidon Principles climate alignment agreement regarding the CO2 emissions of Finnveras’s ship finance portfolio. The Poseidon Principles are consistent with the policies and ambitions of the International Maritime Organization, including its ambition to reduce shipping’s total annual greenhouse gas emissions by at least 50% of 2008 levels by 2050. Commitment to the Poseidon Principles is a concrete step in Finnvera’s sustainability and corporate responsibility.
The shipyard cluster is significant in Finland, and half of Finnvera's approximately EUR 22 billion export credit guarantee exposure is related to ship finance. Poseidon Principles provides a framework with which Finnvera can measure the actual CO2 emissions of ship finance on an annual basis and compare them with the established decarbonisation trajectory.
”The role of ship finance is very important in Finnvera, and it has a prominent global dimension. We finance new ships, and new technology will reduce shipping emissions, but Poseidon Principles will improve measurement and comparability”, says Jussi Haarasilta, Executive Vice President at Finnvera.
The Poseidon Principles, launched in June 2019, are developed by leading international shipping banks, international industry players and academic institutions.
Finnvera became the 25. signatory to the Poseidon Principles. Members are leading ship financiers, such as international banks, but there are export credit agencies among them.
“As a public provider of export finance and of long-term financing, transparency about the climate impact of our financing is important to us. Corporate responsibility is the foundation of our strategy, and commitment to Poseidon Principles is a new concrete step in our corporate responsibility and sustainability.”
"We are pleased to be able to join Poseidon Principles, an international initiative whose members share similar needs and goals to take climate action and make the climate impact of our operations visible."
Finnvera is a specialised financing company owned by the State of Finland. Finnvera finances various stages of business with loans, guarantees and export credit guarantees and has the official Export Credit Agency (ECA) status. Finnvera offers long-term financing to international buyers of Finnish capital goods and services.
Jussi Haarasilta, Executive Vice President, Finnvera plc, tel. +358 29 460 2601
About the Poseidon Principles
The Poseidon Principles are the world’s first sector-specific, self-governing climate alignment agreement amongst financial institutions. They establish a common framework to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with climate goals set by U.N. maritime agency, the International Maritime Organization (IMO). The IMO’s initial GHG strategy prescribes that international shipping must reduce its total annual greenhouse gas emissions by at least 50% of 2008 levels by 2050, whilst pursuing efforts towards phasing them out as soon as possible in this century.