Responsible Ship Recycling Standards (RSRS) goes to the next level

ABN AMRO founded the RSRS together with ING and NIBC in 2017 to promote responsible ship recycling and minimise the dangers associated with hazardous materials onboard ships. The RSRS has grown to 12 members since, together representing major European ship financiers.

Responsible Ship Recycling Standards for banks

RSRS members commit on a best efforts basis to implement RSRS into their internal ESG policies, procedures and standards for the financing of shipping assets and to only finance ships that carry an Inventory of Hazardous Materials. The standards form the guiding principles in the dialogue about responsible ship recycling between the financial sector and stakeholders in the shipping industry, and through their combined leverage, members contribute to realising real change in the industry.

Energy offshore assets included

Since the launch of the RSRS in 2017, many developments have taken place which called for improved RSRS standards. The new standards were adopted and approved unanimously in March 2021 and build on existing international regulations and accepted standards. One of the main changes is the expansion of the scope of the RSRS with mobile offshore units, such as oil and gas platforms.

Improved standards

Also, promoting and respecting human rights, including labour rights, is better reflected in the standards and guidance on what is expected from clients in relation to responsible ship recycling has been added which helps relationship managers in their client conversations.

Transparent reporting

Finally, the members have agreed on being more transparent on their commitments by reporting publicly on achievements through their annual or sustainability reports. ABN AMRO Corporate & Institutional Banking reported for the first time in ABN AMRO’s 2020 Non-financial data & Engagement report by confirming that all shipping transactions closed in 2020 included relevant RSRS clauses in the loan agreements.

Making impact on global scale

For the coming year, the members aim to promote the RSRS and commitments further by engaging with clients and the broader financial sector on the new standards. An important goal for this year is to recruit banks from other geographies in order to make impact on a global scale.

Members

Besides ABN AMRO RSRS members are Danske Bank, DNB, Eksportkreditt, Hamburg Commercial Bank, ING, KfW-IPEX-Bank, NIBC, Nordea, SEB, SpareBank 1 SR-Bank, Sparebanken Vest.

More information

The new standards are included in this PDF. More the launch of the RSRS initiative can be found on our website.