This International Underwriting Association (IUA) market briefing will highlight the roadmap of IMO towards reducing vessel greenhouse gas emissions, the Poseidon Principles, and how their implementation is expected to influence the insurance industry in the new decade.

For many decades, the IMO (International Marine Organisation) has been working to improve the environmental performance of the shipping sector.

In order to steer the industry greener, 2020 is marked by the introduction of the Sulphur Cap (IMO 2020), soon to be followed by IMO 2050, the final IMO strategy on greenhouse gas reduction, which aims to implement the target of at least 50% reduction in carbon dioxide emissions by the year 2050 compared to the 2008 levels. In that direction, 2020 welcomes the inaugural implementation of the Poseidon Principles, a framework agreement between major banks financing more than 30% of the global shipping fleet to influence decarbonisation.

Whilst the introduction of cleaner shipping is commendable, what impact is this expected to have on our industry?

The event speakers, Nikos Benetis, Group Director, H&M Services & Financial Institution Advisory Services and George Savvopoulos, LOC Group Limited, who have extensive knowledge in this field, will present a clear understanding of the Poseidon Principles in terms of the assessment methodology and significance, their ties with IMO 2050, and their potential influence to the insurance industry.