SpareBank 1 SR-Bank joins the “Initiative for Responsible Ship Recycling (RSRS)”
Recycling, scrapping or breaking up of vessels is potentially associated with substantial risks to health and the environment, particularly in relation to the so-called practice of "beaching". This undesirable practice involves old vessels being steered directly up onto a beach. They are then dismantled under unsafe working conditions and cause potentially severe environmental damage in that hazardous chemicals and the like are released directly into the sea.
RSRS is a voluntary initiative of leading banks that advocates responsible breaking up and recycling of vessels, and aims to minimise the adverse consequences of noxious and environmentally hazardous waste on board. The principles behind RSRS will form part of our dialogue with shipping companies that wish to become, or already are, our customers. At the same time, these principles will form an integral part of our loan agreements and other terms and conditions. The initiative was established by three Dutch banks. Later, several Nordic banks have joined the initiative. SpareBank 1 SR-Bank is now the ninth bank to have committed itself to these principles.
- We feel a strong commitment to contributing to sound business operations and sustainable shipping. Thus it is natural to associate ourselves with this praiseworthy initiative. Our hope is that as many banks as possible will join us and that, together, we can contribute to increased awareness of the responsible recycling of vessels, with the aim of putting an end to practices that are both detrimental to health and damaging to the environment, says Stig Horsberg Eriksen, Head of Energy & Maritime at SpareBank 1 SR-Bank.
The recycling and scrapping of vessels implies the greatest social- and environmental risk for this sector of the maritime industries. The environmental risk associated with hazardous waste being released directly into the sea is great and the working conditions for those who perform the work are often poor. In this way, SpareBank 1 SR-Bank wants to help ensure that "beaching" does not take place in the future.
SpareBank 1 SR-Bank has set a special focus on three strategic areas, each of which supports three of the UN's 17 sustainability goals. In the area of "decent work and economic growth," we are going to contribute by, as a business, promoting the importance of decent working conditions, regardless of where this impacts us in our value chain.
Stavanger, 26 June 2019
Contact persons:
Stig Horsberg Eriksen, Director of Energy & Maritime, Tel + 47 913 95451
Thor-Christian Haugland, Executive Vice President Communications & Sustainability, Tel. +47 480 31633