Banks' scrapping initiative extends to drilling rigs

The Responsible Ship Recycling Standards initiative, backed by several large banks, updates standards and expands to include offshore structures such as drilling rigs. More banks have also joined, reports FinansWatch Norway.

Photo: Ints Kalnins/Reuters/Ritzau Scanpix

The Responsible Ship Recycling Standards (RSRS) initiative has now expanded to cover offshore structures such as drilling rigs and oil platforms.

Launched in 2017 by big banks like ABN Amro, ING Bank and NIBC, with support from DNB, SEB and Export Credit Norway, the initiative sets guidelines for responsible shipbreaking.

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