Citigroup's new shipping finance chairman to deepen environmental focus
By Jonathan Saul
LONDON, Aug 22 (Reuters) - Citigroup's veteran
shipping finance banker Michael Parker is to become chairman of
the bank's shipping & logistics business, a role which will
include bolstering the lender's environmental focus in the
sector, Citi said on Thursday.
In June, Citi was among a group of leading banks who signed
up to environmental commitments known as the "Poseidon
These will for the first time integrate efforts to cut CO2
emissions into banks' decision making when providing loans to
The initiative highlights how businesses are having to
respond to moves by investors around the world to factor
environment, social and governance (ESG) risk into their
International shipping accounts for 2.2% of global carbon
dioxide (CO2) emissions and the U.N.'s International Maritime
Organization (IMO), has a long-term goal to cut greenhouse gas
emissions by 50% from 2008 levels by 2050.
"As the IMO progresses its agenda, we will look to adapt our
policies for shipping in line with that and the evolution of the
Poseidon Principles," Parker told Reuters.
Citi is one of the world's major shipping finance banks with
a lending portfolio of around $11 billion.
"As chairman Michael will remain actively involved in senior
client relationships and overall strategy as well as Citi’s
sustainability and ESG agenda with the industry given his role
as chairman of the drafting committee of the Poseidon
Principles," Citi said in a statement.
"This is a planned transition as a consequence of Michael
stepping up to a full-time role as chairman EMEA Corporate
Banking for Citi."
Shreyas Chipalkatty, currently the division's head of EMEA,
will take on Parker's previous role as global industry head of
Citi's shipping & logistics business.
(Editing by Jane Merriman)
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.