Major Banks to Weigh Environmental Impact in New Shipping Loans
Eleven banks, including Citigroup Inc., France’s Société Générale SA and Norway’s DNB AS A, say they will take climate considerations into account when extending new shipping loans.
The goal is for the ship-financing sector to support an industry target to cut greenhouse-gas emissions by half in 2050.
The banks, which have a combined shipping portfolio of about $100 billion, or about one-fourth of the global ship-finance market, have signed on to an industrial framework known as the Poseidon Principles, which seeks to direct new money for shipping toward environmentally-friendly, oceangoing vessels.
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