Export Credit Norway joins international climate initiative for shipping

Export Credit Norway signs on to the Poseidon Principles, a framework for assessing and disclosing the decarbonisation of the shipping industry.

Export Credit Norway is the first public export credit agency to sign the Poseidon Principles. The principles provide a framework for measuring the carbon intensity in ship finance portfolios and facilitates integrating climate considerations into lending decisions.

– A common framework for measurement gives important knowledge both to secure more transparent portfolios and to better understand climate risk, says Otto Søberg, CEO in Export Credit Norway.

International initiative

The Poseidon Principles are developed by leading international shipping banks, among them the Norwegian DNB, in addition to international industry players and academic institutions. Since its’ launch in June 2019, several leading banks and financial institutions have signed the principles.

– As a public provider of long term financing, it is important for us to stand side by side with other leading banks and financial institutions in initiatives that secures frameworks and methods to measure the carbon footprint in the lending portfolio. By signing The Poseidon Principles we will also have to opportunity to learn and increase our knowledge level, says Otto Søberg.

Major opportunities for green shipping

Export Credit Norway offers long-term financing to international buyers of Norwegian capital goods and services. At the end of the third quarter 2019 shipping represents approximately 70 percent of Export Credits total lending portfolio.

– Export Credit Norway’s purpose is to promote Norwegian export in a sustainable and responsible way. The Poseidon Principles do not apply to our entire portfolio, but represent an important first step for us, says Søberg.

In addition to the Poseidon Principles, Export Credit Norway follows several international initiatives to ensure sustainability and corporate social responsibility, such as OECDs Common Approaches, The Equator Principles and The Responsible Ship Recycling Standard (RSRS).

Contact us:
Ellen B. Svaheim
Ellen B. Svaheim Head of Communication +47 482 24 093 +47 482 24 093

Published 09. Dec 2019