Banks to include sustainability measures in maritime loan decisions

 

Sustainability is increasingly a factor in business financing decisions, but taking on the shipping industry brings it to a whole new level level. This week eleven banks announced that climate impact will be integrated into the criteria that determines how much shipping companies can borrow. The criteria have been elaborated in conjunction with the Global Maritime Forum, the Rocky Mountain Institute and London University’s UCL Energy Institute. International shipping accounts for 2.2% of global carbon dioxide (CO2) and the standards are based around the International Maritime Organization’s 2018 climate commitment, which seeks to reduce CO2 emissions by at least 50% from 2008 levels by 2050.

 

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