Credit Suisse is taking a step to meet demands made by the climate movement. It has taken a decision that will further the development of cleaner technology in an industry that is polluting the environment in more than one way.
Sea freight in many ways is the most efficient means to transport goods across the continents, but the giant container ships are far from kind to the environment: the industry produces as much greenhouse gases as air traffic and the marine diesel fuel is poisoning the environment additionally.
New rules have come into force recently that are designed to tackle the second issue. The question about the emission of greenhouse gases, however, is the focus of a bid by 16 banks so far, which have signed up to the so-called Poseidon Principles.
Reduction of Greenhouse Gases
One of the 16 banks is Credit Suisse. The principles include a pledge to half the amount of greenhouse gases emitted by ships by the year 2050.
Credit Suisse is one of the biggest investors in shipping and joining the agreement is a major commitment by the bank for a next generation of maritime assets, the bank said in a statement. The signatories to the Poseidon Principles have a total bank loan portfolio to global shipping worth $140 billion.
Reacting to Criticism
The public commitment to the principles show that the Zurich-based bank is reacting to the criticism leveled at it by the climate movement. In December, the bank had said that in future it will no longer finance coal-fired power stations.