All Stories
Subscribe to KfW IPEX-Bank


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:

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.


KfW IPEX-Bank GmbH,
Palmengartenstraße 5-9,
60325 Frankfurt
Press Department: Antje Schlagenhaufer;
Phone: 069 7431 4009, Fax: 069 7431 9409,

Original content of: KfW IPEX-Bank, transmitted by news aktuell

More stories: KfW IPEX-Bank
More stories: KfW IPEX-Bank
  • 16.04.2018 – 10:50

    KfW IPEX-Bank presents its financial statements for the 2017 financial year

    Frankfurt am Main (ots) - - KfW IPEX-Bank remains a reliable and strong partner to the German and European export economies with new commitments of EUR 13.8 billion in 2017 - It contributed EUR 469 million to KfW's consolidated earnings, thereby helping to secure long-term promotional capacity - Anniversary - since its spin-off ten years ago, the bank has supported the ...

  • 02.01.2018 – 10:37

    Anniversary: KfW IPEX-Bank has now been successfully supporting the export industry for ten years

    Frankfurt am Main (ots) - - Exports and investment projects successfully supported with a commitment volume of EUR 143.0 billion - Financing of over 3,000 projects to safeguard growth and jobs of German and European companies - IPEX earnings support KfW Group's long-term promotional capacity - Outlook: forge ahead with the focused business model, rise to the market and ...

  • 21.12.2017 – 10:38

    KfW IPEX-Bank finances order for two reduced-emission cruise ships from the Meyer Turku shipyard

    Frankfurt am Main (ots) - - Cruise liners to be largely powered with LNG propulsion - Consortium led by KfW IPEX-Bank provides over EUR 2.5 billion multi-ECA financing - Support for European shipbuilding with a high share of supplies from Germany KfW IPEX-Bank is financing two reduced-emission cruise ships for Royal Caribbean Cruises Ltd. (RCCL). The EUR 2.5 billion ...