Funding for decarbonisation

The Maritime and Port Authority of Singapore (MPA) has signed a memorandum of cooperation (MoC) with BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas and BHP to establish a S$120m fund for a maritime decarbonisation centre to be set up in Singapore.

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.”

Under the MoC, each private sector partner will contribute S$10m to support the establishment of the centre, fund maritime-decarbonisation-related research and technology development projects and collaborate with institutes of higher learning and research institutes. MPA will add S$60m R&D funding to these contributions, bringing the fund to a total of S$120 million.

Second decarbonisation deal

To drive and catalyse maritime decarbonisation efforts, MPA has 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 Ley Hoon added: “We thank like-minded partners that have responded strongly to our call for collaboration. The agreements signed today are two initial steps, which we hope will catalyse a larger, much needed momentum to make international shipping more sustainable.”