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Development Bank of Japan becomes signatory to the Poseidon Principles

25 May 2021

Development Bank of Japan Inc. (DBJ) on Thursday (20 May) became a signatory to the Poseidon Principles.

The Principles are a voluntary initiative established by European and U.S. financial institutions to promote achievement of climate change targets in the maritime industry, for which the International Maritime Organization set medium- and long-term targets for greenhouse gas emissions reductions.

Signatory financial institutions calculate and disclose the contribution of their overall ship finance to emissions reductions each year on the basis of these targets.

Based on the Principles, DBJ, too, will disclose the yearly contribution of its ship finance to the reduction of greenhouse gas emissions.

DBJ is also promoting the GRIT Strategy*, part of its Fifth Medium-Term Management Plan, as a means of contributing to a sustainable society through investment and finance.

Its participation in the Poseidon Principles is linked to the GRIT Strategy, and the company shall be active in promoting both.

*The “GRIT Strategy” refers to the following: G: Realization of a green society; R: Construction of a flexible, strong, safe and secure regional, social and industrial infrastructure; I: Initiatives for innovation that can be evaluated as feasible for commercialization; and T: Strategic initiatives for transition based on current business fundamentals. These are the areas on which the DBJ Group will focus under the Fifth Medium-Term Management Plan.

Related: BNP Paribas, Credit Suisse latest banks to adopt Poseidon Principles for shipping sector
Related: 11 Major shipping banks base lending decisions on ‘Poseidon Principles’

 

Photo credit: Shaah Shahidh on Unsplash
Published: 25 May, 2021

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