Singapore to launch S$120M maritime decarbonisation centre

Singapore to launch S$120M maritime decarbonisation centre
MPA and six strategic partners signed a Memorandum of Cooperation to establish a S$120 million fund

The Maritime and Port Authority of Singapore (MPA) has teamed up with Foundation Det Norske Veritas, the owner of DNV Group, BW Group, Eastern Pacific Shipping, Ocean Network Express, Sembcorp Marine, and BHP to launch a S$120M (US $90M) maritime decarbonisation centre.

The partners have each contributed S$10M with the MPA adding S$60M to the development of the centre, which aims to catalyse and facilitate decarbonisation in the maritime sector.

The creation of the centre follows the release of a recommendation by the International Advisory Panel (IAP) – a Singapore Maritime Foundation initiative – on maritime decarbonisation to set up a decarbonisation centre in Singapore.

The Memorandum of Cooperation was signed on 21 April in the presence of Mr Chee Hong Tat, Singapore’s senior minister of state for transport and foreign affairs.

To drive and catalyse maritime decarbonisation efforts, MPA also signed a memorandum of understanding (MoU) with Singapore-headquartered investment company, Temasek, to explore collaborations related to decarbonisation of port operations, development and use of low-carbon and/or alternative marine energy sources and decarbonisation of the other parts of the global and regional maritime supply chain.

Ms Quah Ley Hoon, chief executive of MPA, said, “Maritime decarbonisation is a global challenge requiring a collective responsibility from all stakeholders involved. It is crucial to have strong public-private sector partnerships. We thank like-minded partners like the Foundation Det Norske Veritas that have responded strongly to our call for collaboration. The agreement signed today is a first step, which we hope will catalyse a larger, much needed momentum to make international shipping more sustainable.”