The Poseidon Principles has added its 30th signatory, German export credit giant KfW IPEX-Bank.

The addition means the Global Maritime Forum initiative, a framework to bring climate considerations into ship lending decisions, covers 65% of the global ship finance portfolio, said Poseidon Principles for Financial Institutions chair Michael Parker.

“I am delighted to welcome them as our 30th signatory and am certain they will contribute significantly towards our aim of promoting responsible environmental stewardship throughout the maritime value chain,” said Parker, who is also Citi’s chairman for global shipping, logistics and offshore.

The announcement came on the same day that the Poseidon Principles for both finance and marine insurance said their members committed to a decarbonisation trajectory in their portfolios that would contribute to capping global warming at 1.5C.

Under the Poseidon Principles, financial institution signatories had agreed to benchmark their portfolios against the International Maritime Organization’s goal of halving shipping’s carbon emissions in 2050 relative to 2008 levels. Their new commitment targets net-zero emissions by 2050.

The addition of the German bank came as the Global Maritime Forum held its annual summit in New York.

Frankfurt-based KfW IPEX, a subsidiary of federal government-owned KfW, is Germany’s largest ship financier and one of the world’s top 10, with a focus on supporting European shipyards, vessel owners and equipment suppliers.

It was involved in the original crafting of the Poseidon Principles.

But finance sources said efforts by Berlin to coordinate climate policy delayed its formal adoption of the framework.

Holger Apel, the bank’s global head of maritime industries, said that supporting clients on their “journey to transformation” is a focal point for KfW IPEX.

“For the maritime industries, we have already implemented specific sustainability principles over the past years which are imbedded into KfW Group’s wider framework to align the bank’s business with the Paris [Agreement climate] goals,” he said.

“The Poseidon Principles are now an additional key element to further integrate climate change into our lending policies and to monitor the decarbonisation targets of our shipping portfolio.”

Poseidon Principles signatories

Financial Institutions

ABN Amro, BNP Paribas, Bpifrance Assurane Export, CaixaBank, Citi, Credit Industriel et Commercial, Credit Agricole, Credit Suisse, Danish Ship Finance, Danske Bank, DekaBank, Development Bank of Japan, DNB, Export Finance Norway, Finnvera, ING, KfW IPEX-Bank, MUFG Bank, Nordea Bank, OCBC Bank, SACE, SEB, Shinsei Bank, Societe Generale, SpareBank 1 SR-Bank, Sparebanken Vest, Standard Chartered Bank, Sumitomo Mitsui Banking, Sumitomo Mitsui Finance & Leasing, Sumitomo Mitsui Trust Bank.

Marine insurers

AXA XL, Fidelis Insurance, Gard, Hellenic Hull Management, Navium Marine, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions, Victor Insurance.