Asia’s first ‘Decarbonising Shipping’ initiative has recently launched with the aim to harness the power of start-ups to meet UN targets on greenhouse gas emissions. The regional initiative, based in Singapore, is part of the Trade & Transport Impact (TTI) programme from venture development firm Rainmaking to bring startups together with backers with maritime experience and expertise.
Inmarsat is one of the founding members of this new initiative. Alongside Inmarsat, other confirmed partners include Cargill, DNV GL, Hafnia, MC Shipping Inc., Vale and Wilhelmsen.
Backed by the Maritime & Port Authority of Singapore, the new initiative is expected to identify 1,000+ projects offering models to tackle decarbonisation, with selected start-ups to be matched with maritime industry leaders willing to build collaborative pilot projects.
The International Maritime Organization is targeting a 50% cut of greenhouse gas (GHG) emissions from ships by 2050, and average carbon intensity (CO2 per tonne-mile) reductions of 40% by 2030 and 70% by 2050 compared to 2008 figures.
Inmarsat’s recent research report ‘Trade 2.0: How Startups are driving the next generation of maritime trade’, predicted the value of Ship Technology (ShipTech) rising from $106bn to US$278bn by 2030 driven in part by innovators and disruptors providing solutions that will help monitor and cut emissions.
“In tackling the decarbonisation agenda, we will bring together disruptive start-ups and entrepreneurs with the scale, capability and reach of global industry giants, in order to create game-changing collaborations. Through these partnerships, we aim to test and validate thousands of solutions with exponential impact and scale them on within an extremely short horizon during the programme.”, Michael Pomerleau, Partner and Investor at Rainmaking, commented.
