CIC and Crédit Mutuel Alliance Fédérale have signed the Poseidon Principles for decarbonization of shipping
Published on 23/01/2020
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CIC, a subsidiary of Crédit Mutuel Alliance Fédérale, has signed the Poseidon Principles, a framework for integrating climate considerations into lending decisions for the shipping industry. They also establish a baseline for measuring the industry's carbon impact and promoting large-scale decarbonization.
CIC and its parent company, Crédit Mutuel Alliance Fédérale, have become signatories to the Principles alongside the 11 other major financial institutions that provide financing for the shipping industry.
The Poseidon Principles are consistent with the policy to reduce greenhouse gas (GHG) emissions adopted in April 2018 by the member states of the International Maritime Organization (IMO). The aim of the policy is to reduce total greenhouse gas emissions in the shipping industry by at least 50 % by 2050,1 with a view to zero emissions in the longer term.
The Poseidon Principles offer a framework for assessing the alignment of the shipping portfolios of financial institutions with these climate targets. The results of this assessment will be communicated each year in CIC and Crédit Mutuel Alliance Fédérale’s Social and Mutualist Responsibility Report, and will serve as a means of assessing the shipping industry financing policies of group members.
The Poseidon Principles apply to industry lenders, lessors and export credit agencies and concern all credit products secured by title over vessels under the purview of the IMO.
“The climate disruption is such that everyone has a responsibility to take action to reduce their carbon footprint. As a partner bank of the shipping industry, CIC provides long-term support to all customers who engage fully in transforming to a business model that takes environmental criteria into consideration,” says Daniel Baal, CEO of CIC.
For Nicolas Théry, Chairman of CIC, “CIC and Crédit Mutuel Alliance Fédérale want to provide concrete support in combating climate change, notably through their financing policy. How our customers take climate objectives into consideration is a key factor in our lending decisions and the durability of our partnerships.”
Through this initiative, CIC is implementing the commitments made by its parent company, Crédit Mutuel Alliance Fédérale, to support the energy transition and help reduce greenhouse gas emissions as part of its ensemble#nouveaumonde 2019-2023 strategic plan, and as part of an ongoing dialog with climate-focused NGOs.