Fortis and the Green Award Foundation have jointly announced a cooperation agreement whereby Fortis has become a Green Award Incentive Provider.

Fortis is the first bank to be a Green Award Incentive Provider. Fortis supports the Green Award Foundation as a recent study shows that “on average, ships that are certified by Green Award show a lower amount of deficiencies than ships that are not certified.*)”

Every ocean going vessel should comply with (inter)national laws and regulations which are known and accepted in the Marine industry worldwide. The Green Award certificate can be awarded to vessels which are extra safe, extra clean. A Green Award ship meets high, but manageable technical and managerial requirements. An increasing number of ports and nautical providers recognize the value of Green Award and offer special rates and other advantages to Green Award vessels.

As part of the agreement, Fortis will, as of 1 January 2008, contribute to the Green Award Incentive Program by providing its shipping customers a discount on the costs related to joining the Green Award.

Fortis will reimburse its clients:

• 25% of the annual Green Award fees for vessels that are financed by Fortis, and • 25% of the Green Award office audit fees for the (shipping) companies that are a client of Fortis.

Fortis will actively promote the Green Award program amongst its customers.

Shipping is an important industry. More than 90 percent of global trade is carried by ships. For many cargoes there is no alternative but sea transport. The shipping community started several initiatives to look into and to address the environmental and social issues that play a role in this global industry, such as Clean Cargo Working Group and Ecodock.

Harris Antoniou, CEO of Energy, Commodities and Transportation within Fortis said: "Doing business has an impact on the world around us. At Fortis we aim to conduct business in a responsible manner and we have made an effort to integrate sustainability into our ship finance business. A result of these efforts is the initiative to become the first bank to be a Green Award Incentive Provider.

Eric Bouwmeester, general manager Corporate and Social Responsibility at Fortis said: “The cooperation with the Green Award Foundation is a fine example of how Fortis can realise constructive partnerships to the benefit of its clients in the shipping sector. At the same time it underlines the importance and potential of sustainability in developing Fortis’s leadership”.

Jan Fransen, Managing Director Green Award Foundation said: “Fortis took the lead to partner in the Green Award program and integrate the scheme with the Fortis values on sustainability thereby promoting quality shipping. We hope other institutions like banks and insurance companies will follow this example”.