SpareBank 1 SR-Bank sign up to Poseidon Principles supporting the green shift in shipping

In the future, SpareBank 1 SR-Bank will place more importance on environmental standards when granting new loans to the shipping industry. In connection with this, SpareBank 1 SR-Bank have chosen to sign up to the so-called ‘Poseidon Principles’ initiative. This is a global framework where banks have joined forces to promote good, responsible environmental standards for customers within the shipping segment. SpareBank 1 SR-Bank are the 19th bank to sign up to this global framework aimining to achieve 50 per cent lower greenhouse gas emissions from shipping by 2050.

- As part of this, SpareBank 1 SR-Bank has committed to collecting data regarding customers’ emissions every year and publishing it in aggregated form.- Financial institutions have a major impact on how business prioritises sustainable operations through the allocation of capital, and thus a serious responsibility. Norwegian shipowners are already world leaders thanks to their efforts to reduce greenhouse gas emissions, and we believe that the Poseidon Principles will strengthen these endeavours further and even be a source of continued competitiveness for the Norwegian shipping industry, says Stig Horsberg Eriksen, Director Energy & Maritime Industries, SpareBank 1 SR-Bank.

The bank has previously also committed to contributing to a responsible standard for breaking up and recycling ships.

Stavanger, 15 December 2020