Swiss Re signs up to Ship Recycling Transparency Initiative

Swiss Re Corporate Solutions (SRCS) has signed up to the Ship Recycling Transparency Initiative (SRTI).

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 make more informed decisions and reward good practice through the market.

SRCS joins a growing list of organisations across the shipping value chain who are calling for greater transparency and responsible ship recycling. Signing up to the SRTI is part of a wider sustainability approach that also includes a commitment to net-zero emissions across its whole business by 2050.

Patrizia Kern, global head marine at SRCS, said: “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, said there is a growing need for transparency and accountability in ship recycling. “Demand for data on what shipowners are doing with their vessels at end of life is a key driver for the SRTI,” he said.

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