Poseidon Principles for Marine Insurance – emission data collection in 2023
It is now just over a year since the Poseidon Principles for Marine Insurance (PPMI) entered into force –April 27, 2022 – of which Norwegian Hull Club was one of its signatories.
The PPMI are crucial as we follow and support our clients’ on their journeys towards zero emissions, being a framework for assessing and disclosing the climate alignment of Hull and Machinery insurance portfolios. They create common global baselines that are consistent with -and supportive of - society’s goals to better enable insurers to manage their portfolios in terms of environmental impacts.
The objective of the principles is to use knowledge of portfolio climate alignment in order to guide and support marine insurance clients on how to adopt and align their business in their green transition.
To succeed in hitting the goal of a maximum 1.5°C temperature rise above pre-industrial levels, all industry players must engage and take responsibility to gain insight and for taking the necessary actions. Our industry has seen a massive shift in focus over the past few years; cooperation and movement within and across industries for a sustainable future make us optimistic.
As a signatory, The Club has committed to measure and disclose the carbon intensity of its Hull and Machinery portfolio on an annual basis.
In 2023, emission data will be collected as follows:
This year, we will collect emission data on vessels insured by Norwegian Hull Club as a Hull & Machinery claims leader on 1st October 2022. The data reported for PPMI calculations is the same as shipowners report to the IMO Data Collection System (DCS). The Club has appointed IHS Markit to collect the data on our behalf. IHS Markit will reach out to owners directly.
The details of the vessel and fleet reporting will be treated confidentially, while the results on portfolio level will be presented in a disclosure report and in our annual report.
Last year’s annual disclosure report from PPMI is available at the PPMI website here. Norwegian Hull Club’s results and comments can be found on page 32.
The Club’s annual report is available on The Club’s website here. The most detailed PPMI findings can be found on Page 18 of the report.