Gard announced its decision to become a signatory to the Poseidon Principles for Marine Insurance (PPMI), a global framework to quantify and disclose the carbon intensity of insurers’ marine hull portfolios.
Moving towards decrabonisation
“We need to work together to tackle the challenge of climate change. As such, the Poseidon Principles are an important contribution from the marine hull insurance industry," said Rolf Thore Roppestad, Chief Executive Officer of Gard.
“The principles provide us with a common tool to monitor progress over time. As a leading marine insurer, we will work together with our Members and clients to make sure that the principles and the methodologies applied are as practical and straightforward as possible. Our common goal is an accelerated move towards a decarbonised industry.”
Signatories commitment
Dedicate to assessing and disclosing the climate alignment of their hull and to benchmark against two trajectories Signatories to the Poseidon Principles for Marine Insurance commit to assessing and disclosing the climate alignment of their hull and machinery portfolios, and to benchmark them against two trajectories: one linked to a 50% reduction of annual CO2 emissions by 2050, compared to 2008, in line with the International Maritime Organisation’s Initial Green House Gas Strategy; and one with a 100% reduction of emissions by 2050.
The principles provide us with a common tool to monitor progress over time, supporting the goals of the Paris Agreement.
Support and stakeholders
The Poseidon Principles for Marine Insurance are founded on the methodology used in the Poseidon Principles for financial institutions and were developed in an effort spearheaded by leading marine insurers and industry stakeholders with support from the Global Maritime Forum, Swiss Re Institute and UMAS.
Founding Signatories include Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International, Norwegian Hull Club. Additional marine insurers are expected to join in the near future. Affiliate members supporting the Principles are Willis Towers Watson, Cefor, IUMI and EF Marine.