In 2018/19, signatories agreed to the self-obligation of reducing Greenhouse Gas Emissions through sustainable vessel financing. The leading financial institutions agreed to a framework called the “Poseidon Principles”, which assesses and discloses the climate alignment of ship finance portfolios. In 2021, 18 financing banks had agreed and signed the principles, whilst several leading shipping companies such as Maersk, Cargrill, and Eurovan were involved in developing the reporting standards.