Maritime sector
The shipping trade plays an important part in the global economy, as the transport of goods contributes to our prosperity and welfare. ING is a major financier of the shipbuilding industry.
ING encourages clients in the shipping sector to adopt ship recycling practices that are environmentally sustainable and socially responsible. To start with, our policy doesn’t permit the financing of ‘breaking yards’ or buyers of scrap vessels. Furthermore, ING seeks to finance leading and reputable shipping companies that follow a responsible policy of breaking down ships, known as ‘vessel scrapping’.
In addition, we require customers to adhere to industry best practices and for all vessels to have a Green Passport (inventory of hazardous materials).
We also, wherever possible, seek to document customers’ obligations within the loan documentation. For example: The ship owner confirms that as long as it’s in a lending relationship with ING, it will ensure that any ship it controls that’s intended to be scrapped will be recycled at a yard that conducts its recycling business in a socially and environmentally responsible manner.
Together with ABN AMRO and NIBC, we called to unite in setting standards on responsible ship recycling and raise more awareness on the above topics.
You might also be interested in:
- ING in the media on this topic
- Ship financiers turning the tide on shipbreaking
- ING financing shipping ‘talking tankers an tall ships’ (PDF 0,08 MB)
- ING financing responsible shipping (PDF 0,2 MB)
- Banks call on other banks to unite for responsible ship recycling
- Banks introduce standards for sustainable ship recycling (External website, in Dutch only)
- The Ship Breaking Platform (NGO) supports introduction of responsible ship recycling standards (External website)
- Our policies
- From theory to practice (examples)
- What do independent specialists say about sustainability and ING?
Contact
Mail to: Sustainability@ing.com