Overview

Ship recycling poses one of the largest social and environmental risk challenges for the entire shipping sector. Recognising this risk, the Responsible Ship Recycling Standards (RSRS) aim to take accountability in ship recycling and minimise the dangers associated with hazardous materials onboard ships. Through RSRS standards, the current ten Member Banks want to engage in an active dialogue with members of the wider sector, particularly shipowners, to ensure the ongoing safety of crew members onboard ships, minimise the adverse effects on the environment as well as contribute to greater protection of workers involved in the ship-breaking process. The Member Banks recognize that ship recycling is part of the shipping industry value chain. As part of the Banks’ desire to minimize the impact on the environment and society that results from poor ship recycling practices, the Banks agree to apply the RSRS in their ship financing. Specifically, the Member Banks commit to: 1. implementing the RSRS into each of their internal ESG policies, procedures and standards for the financing of shipping assets; and 2. promoting the RSRS within the financial sector. Realizing the role financial institutions play in the transition to a sustainable future, the Members Banks call upon other financial institutions to unite in endorsing and applying the RSRS. The current RSRS Member Banks: ABN AMRO, Danske Bank, DNB Norway, Eksfin, Hamburg Commercial Bank, ING, KfW IPEX-Bank, NIBC, Nordea, SEB, SpareBank SR-Bank and SpareBanken Vest.