More sustainable scrapping of ships: KfW IPEX-Bank joins Responsible Ship Recycling Standards

Frankfurt/Main (ots) -

- Inclusion of scrapping clauses in loan agreements
- KfW IPEX-Bank first German bank to adopt Responsible Ship
Recycling Standards
- Lending volume for Maritime Industries at KfW IPEX-Bank in 2017:
EUR 13.9 billion.

Hundreds of ships are decommissioned and scrapped every year.
Since this often entails significant environmental pollution and
health risks for people, international banks adopted the "Responsible
Ship Recycling Standards" (RSRS) in 2017. KfW IPEX-Bank is now the
first German bank to join the initiative. With a lending volume of
EUR 13.9 billion in 2017, KfW IPEX-Bank is one of the top 5 ship
financiers in the world, and, by joining the RSRS initiative, it is
underlining its high standards regarding the environmental and social
compatibility of its financing.

The aim of the RSRS initiative is to incorporate scrapping clauses
in accordance with international standards (including the "Hong Kong
Convention") into loan agreements. These clauses also 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 this global initiative is another
significant step for us in further strengthening the sustainability
aspect in the maritime industry together with our clients" explained
Andreas Ufer, Member of the Management Board of KfW IPEX-Bank. Even
though it cannot yet be foreseen just how far these clauses will take
root throughout the market, Ufer is hoping for some tangible effects.
"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." The aim of the RSRS initiative is for
shipping companies to observe minimum standards of occupational
safety and environmental protection when scrapping their ships, and
therefore to view scrapping as part of their own value-added chains.

Background information

Brief profile of Responsible Ship Recycling Standards

At the end of May 2017, ABN Amro, ING and NIBC established the
Responsible Ship Recycling Standards (RSRS). The initiative now has
eight members worldwide, with Nordea, DNB, SEB and Export Credit
Norway having joined the three founding banks. KfW IPEX-Bank is the
first German bank to adopt the Responsible Ship Recycling Standards.

The text for the Responsible Ship Recycling Standards can be found
here: http://ots.de/z8tuBV

About KfW IPEX-Bank

Within KfW Group, KfW IPEX-Bank is responsible for international
project and export finance. Its function of providing financing to
boost the German and European economy is derived from the legal
mandate assigned to KfW. It offers medium and long-term financing to
support key export industries, to develop economic and social
infrastructure and to fund environmental and climate protection
projects. KfW IPEX-Bank operates as a legally independent group
subsidiary and plays a major role in fulfilling KfW's promotional
mission. It is represented in the most important economic and
financial centres across the globe.

Pressekontakt:
KfW IPEX-Bank GmbH,
Palmengartenstraße 5-9,
60325 Frankfurt
Press Department: Antje Schlagenhaufer;
E-Mail: Antje.Schlagenhaufer@kfw.de
Phone: 069 7431 4009, Fax: 069 7431 9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de

Original-Content von: KfW IPEX-Bank, übermittelt durch news aktuell