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Development Bank of Japan signs up to Poseidon Principles

Global Maritime Forum Poseidon-Principles-default-.PNG
The Development Bank of Japan (DBJ) has become a signatory to the Poseidon Principles, a regulatory framework for responsible financing of the shipping industry.

Government-backed DBJ has joined a number of Asian financial institutions who have inked the framework over the recent period, including Sumitomo Mitsui Banking Corporation and MUFG Bank.

The signatories have grown from an initial 15 signatories to 27 banks with a portfolio of over $185 bln in shipping finance. This represents around 50% of all shipping finance globally, making the Poseidon Principles initiative a significant contributor to tackling climate change.

The Principles were established in 2019 by European and US financial institutions to promote the achievement of climate change targets in the maritime industry. Signatory financial institutions calculate and disclose the contribution of their overall ship finance to emissions reductions each year on the basis of these targets. The Principles are consistent with the policies and ambitions of the International Maritime Organisation, including its ambition to reduce shipping’s total annual GHG emissions by at least 50% by 2050.

DBJ says its participation in the Principles is linked to its GRIT Strategy, part of its Fifth Medium-Term Management Plan, as a means of contributing to a sustainable society through investment and finance.

‘DBJ's corporate philosophy is to 'apply financial expertise to design the future: to open up new frontiers as we resolve the issues of our clients and the community while promoting sustainable development for Japan and the world', DBJ said. ‘In keeping with these principles, we actively support our clients' efforts to build a more sustainable society.’