German bank adopts Responsible Ship Recycling Standards

Frankfurt, Germany-based KfW IPEX Bank has announced plans to adopt the recently passed Responsible Ship Recycling Standards (RSRS). The company, which bills itself one of the largest ship financing firms in the world, says its decision will accelerate the adoption of proper ship recycling standards.

KfW says the aim of its RSRS initiative is to incorporate scrapping clauses in accordance with international standards (including the Hong Kong Convention) into its loan agreements. These clauses include an obligation for shipping companies to ensure that all ships carry a “Green Passport” that provides an overview of all the hazardous materials on board.

“Joining the global initiative is another significant step for us in further strengthening the sustainability aspect in the maritime industry together with our clients,” says Andreas Ufer, a member of KfW IPEX Bank’s management board.

Adds Ufer, “This is an important way to raise awareness about the significance of sustainable ship recycling. We view the RSRS initiative as a long-term project that will continue to develop and welcome more and more members around the world.”