中国海事商事仲裁资讯2023年第4季度,2023Q4

China Newsletter on Maritime and Commercial Arbitration (CHNOMACA)

The Poseidon Principles for Marine Insurance enter into force

FROM:CMAC | 2022-04-27

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The Poseidon Principles for Marine Insurance (PPMI) have entered into force, with AXA XL and Navium Marine joining as Signatories. 

On 15 December 2021, six of the world’s leading marine insurers launched a groundbreaking initiative to increase the transparency of carbon emissions and support the shipping industry’s green transition.  The PPMI is a global framework for measuring and publicly reporting the climate alignment of insurers’ hull and machinery portfolios with climate goals. With the number of its Signatories reaching – and surpassing – the threshold of eight, the framework now enters into force. This means that Signatories are required to report their climate alignment scores on an annual basis. The first reporting will take place at the end of 2022.

As the recent PPMI founding meeting on 27 April 2022, the members established the PPMI Association and elected members to its Steering Committee, the governance body that will coordinate the Association on behalf of its members. Patrizia Kern-Ferretti of Swiss Re Corporate Solutions was elected Chair of the Steering Committee and Gard CEO Rolf Thore Roppestad was elected Vice Chair.

The founding members of the Association include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL, Willis Towers Watson, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).

The PPMI are built on four principles – Assessment of climate alignment, Accountability, Enforcement, and Transparency. Signatories to the PPMI commit to benchmarking them against two trajectories: one linked to a 50% reduction of annual CO2 emissions by 2050 compared to 2008 – in line with the IMO’s Initial GHG Strategy; and one linked to a 100% reduction of CO2 emissions by 2050, as a step toward alignment with the Paris Agreement.

Source: www.xindemarinenews.com