Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has signed up to the Ship Recycling Transparency Initiative (SRTI).
The insurer will be joining a growing list of organisations across the shipping value chain who are calling for greater transparency and responsible ship recycling.
The SRTI aims to use transparency to accelerate a voluntary market-driven approach to responsible ship recycling practices.
Shipowners share information in relation to a set of disclosure criteria developed by industry stakeholders.
By publicly disclosing their ship recycling policies, practices and progress through the SRTI, the platform enables cargo owners, financial stakeholders and others to use the data to inform their decision-making and reward good practice through the market.
Patrizia Kern, Global Head Marine at Swiss Re Corporate Solutions commented: “It’s our ambition to advance sustainable ship recycling.
“By collaborating with SRTI’s network of forward-thinking businesses, we want to support the industry in understanding how to better track ship owners’ scrapping activities that are not respecting standard environmental guidelines and violating human rights.
“Working on these ambitions collaboratively with the SRTI and its members, we are confident that we can create a more sustainable future.”
Andrew Stephens, Executive Director of the SRTI added: “Awareness of the ship recycling industry is growing rapidly in the world of sustainable finance. Now, more than ever, there is a need for transparency and accountability.
“Demand for data on what shipowners are doing with their vessels at end of life is a key driver for the Ship Recycling Transparency Initiative. By welcoming Swiss Re Corporate Solutions to the cohort, we hope to continue enabling informed decision-making on the part of lenders, investors, insurance providers and cargo owners, further driving progress on responsible ship recycling.”