The Singaporean Government has introduced a support package worth SGD $100 million to boost green growth in the marine and offshore energy industries over the next five years.
The investment was unveiled by Minister of State Alvin Tan at Offshore Energy Week (OSEA) 2024. On his speech the Minister of State highlighted Singapore’s national target to reach net zero emissions by 2050. Moreover, Alvin Tan commented that Singapore’s marine and offshore industry has an important part to play by supplying and also by developing green energy with floating solar farms, offshore wind, tidal energy and also cross-border carbon capture, utilisation and storage.
You can start by either retrofitting or converting existing vessels to help these vessels adopt cleaner fuels or hybrid propulsion systems. Companies like Marco Polo Marine and Watsilia, for example, have been participating in this space. Marco Polo Marine has retrofitted its vessels with ammonia-powered systems while Watsilia has also been using fuel-efficient propulsion systems.
..said Alvin Tan.
The Minister stated that the government is committed to a $100 million marine and offshore engineering support package for the next five years.
In addition, the Minister of State continued his speech by presenting some examples of green practices, such as Southeast Asia’s of first hybrid crew transfer vessel (CTVs) which they use in offshore wind farms. These CTVs are powered by parallel hybrid systems, which stores electricity generated by running diesel engines in a battery. According to the Minister, this provides options to power the CTV through diesel engines, electricity, or both, reducing the CTV’s carbon emissions.
Furthemore, Alvin Tan stated that apart from green vessels, the need improve technology in vessels, there’s also a need of growing Singapore’s fleet of vessels.
The package will support workers, companies to adopt productivity solutions and build capabilities in new growth areas such as offshore wind and digitalization.
