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Poseidon Principles for Marine Insurance advance ambitious climate agenda at Annual Meeting 2024

At the Annual Meeting 2024 of the Poseidon Principles for Marine Insurance Association, held on 15 May in Oslo and hosted by Gard, pivotal decisions were made to propel the maritime industry towards a more sustainable future. Signatories elected new Steering Committee members and deliberated on past and future endeavours. A total of nine member companies were elected to the Steering Committee, with Patrizia Kern (Swiss Re Corporate Solutions) re-elected as chair and Sundeep Khera, global head of hull & head of marine UK and Lloyd’s at AXA XL as the new vice chair.

“I am honoured to continue serving as chair of the Poseidon Principles for Marine Insurance. Marine insurance plays a crucial role in maritime ecosystems, particularly in its decarbonisation efforts,” said Patrizia Kern-Ferretti chair of the Poseidon Principles for Marine Insurance and marine strategy consultant at Swiss Re Corporate Solution, “Through our work with marine insurers, we can enhance transparency within our industry, better equipping us to navigate the challenges ahead.”

“As the newly elected vice chair of the Poseidon Principles for Marine Insurance, I am honoured to embark on this journey towards realising our ambitions,” said Sundeep Khera, vice chair of the Poseidon Principles for Marine Insurance and global head of hull & head of marine UK and Lloyd’s at AXA XL. “Together, we will propel our association forward, charting a course towards a more resilient and sustainable future for the maritime industry.”

The Steering Committee is now composed of Axa XL, Fidelis MGU, Gard, Hellenic Hull Management, Norwegian Hull Club, SCOR, Skuld, Swiss Re Corporate Solutions, and Victor International.

The Poseidon Principles for Marine Insurance serves as a framework for marine insurers to evaluate and disclose the climate alignment of their activities or concrete efforts supporting decarbonisation. This mechanism enhances data sharing among stakeholders and promotes transparency throughout the maritime supply chain.

Similar to financial institutions that have embraced the Poseidon Principles and become signatories to the Sea Cargo Charter for their shipping portfolios, the Poseidon Principles for Marine Insurance is undergoing an update to align with the International Maritime Organization’s (IMO) Revised Greenhouse Gas Emissions regulations, effective from July 2023. At the meeting, members unanimously agreed to adopt a new trajectory to align with the IMO’s new strategy, which calls for reaching net-zero emissions by or around 2050, introduces more ambitious emission reduction checkpoints in 2030 and 2040, employs a comprehensive well-to-wake approach, and enhances GHG species.

Practically speaking, this means that companies adhering to the Poseidon Principles for Marine Insurance will soon commence reporting against more ambitious targets. This new trajectory aims to achieve a net-zero greenhouse gas target by 2050, with reporting against indicative checkpoints in 2030 and 2040, adopting a comprehensive well-to-wake approach.

The Poseidon Principles for Marine Insurance is actively refining their methodology and data collection processes to bolster their impact and promote transparency regarding shipping emissions across the sector.

As adopting these principles becomes increasingly widespread within the industry, the Poseidon Principles for Marine Insurance foresees a significant enhancement in the accessibility and quality of data. This will, in turn, set higher standards for monitoring emissions in the maritime sector.
Source: Poseidon Principles for Marine Insurance

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