News / Banks push the box lines to reduce emissions

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Box lines are set to come under more environmental pressure, following a decision by major banks to factor emissions into lending decisions. 

Eleven major banks, with total loan portfolios to global shipping worth some $100bn, will add climate considerations into lending decisions to incentivise industry decarbonisation. 

The banks will use the Poseidon Principles as a framework for assessing the sector. They are consistent with the IMO’s Greenhouse Gases Strategy, which states that emissions must peak as soon as possible and be at least 50% of 2008 levels ...