The Poseidon Principles
The Poseidon Principles were launched to align the International Maritime Organization’s (IMO) policies on carbon emissions with financial institutions’ shipping portfolios.
PROCESS
The Poseidon Principles establish a framework for assessing and disclosing the climate alignment of ship finance portfolios against IMO targets. IMO Data Collection System (DCS) data is collected to calculate a vessel’s carbon intensity using the Annual Efficiency Ratio (AER), using the parameters of fuel consumption, distance traveled and design deadweight tonnage. This metric is assessed with a vessel’s annual carbon intensity with its decarbonization trajectory.
Poseidon Principles version 5.0 aligns with the revised IMO strategy including the adoption of a Well-to-Wake (WtW) approach and two trajectories, the Minimum and the Striving, to reflect the IMO Revised Strategy.
The Portfolio Climate Alignment of the bank or lending company can be evaluated subject to disclosure of each vessel’s outstanding debt.
ABS ASSISTANCE FOR IMPROVEMENT
To help companies improve their vessel’s carbon intensity, ABS
offers various services and solutions including:
- Technical Specification Review to improve ship efficiency
- Benchmarking
- Performance Reference Values
- Vessel Operating Profile and Route Weather Profile
- Evaluating Propulsion Improvement Devices and Ship Systems
- Prediction of fuel savings from Lower Friction Coatings and/or
Wind-Assisted Propulsion Systems
- Techno-Economic Modeling
- Hull and Propeller Performance Analysis
- Data Driven Analysis
- GHG Rating benchmarking and improvement options
- Fleet Benchmarking to 2023 IMO Strategy
ABS CARBON DILIGENCE PLATFORM
ABS offers the ABS Carbon Diligence Platform as a way for shipowners to track their vessel’s alignment.
The ABS Carbon Diligence Platform offers a comprehensive set of supporting applications and solutions to improve operational and environmental performance and help shipowners achieve their sustainability goals. This platform is web based and it is customizable to client specifications, having already formed integrations with third-party vendors, leveraging data sources to provide transparent reporting, including calculations in accordance with the Poseidon Principles.
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