The Poseidon Principles Still Can't See Themselves

The maritime industry is awash in pledges. Decarbonisation targets are everywhere, a shimmering mirage on the horizon for financiers keen to appear virtuous. The Poseidon Principles, a voluntary commitment by financial institutions to align their portfolios with the goals of the IMO's strategy to reduce greenhouse gas emissions, have been a particularly prominent example of this trend.

Launched in 2019, the Principles require signatories to report annually on how their financing portfolios align with these decarbonisation goals. The logic is simple: if you can measure it, you can manage it. Or at least, you can claim you are trying. Yet, for years, the measurement itself has been a curiously opaque affair, relying on self-reported data and the goodwill of those involved.