The Maritime and Port Authority of Singapore (MPA) joined hands with industry partners under two separate agreements signed, in an effort to advance decarbonisation efforts in the maritime industry.
Singapore will soon have its own maritime decarbonisation centre. MPA signed a MoC with BW Group, Sembcorp Marine Ltd, Eastern Pacific Shipping Pte. Ltd., Ocean Network Express, Foundation Det Norske Veritas and BHP to establish a S$120 million fund today https://t.co/FuStP67wL5 pic.twitter.com/n82sUUh9oX
— MPA Singapore (@MPA_Singapore) April 21, 2021
amely, MPA inked 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 fund for a maritime decarbonisation centre to be set up in Singapore.
We are delighted to be able to contribute to this initiative. Climate change is a defining challenge of our time, and the only way to tackle this is with cross-border, cross-sector collaboration. While helping to find solutions for the industry, companies can also help themselves to prepare for the future by being part of this effort. We look forward to partnerships and insights through the centre.
…Mr Andreas Sohmen-Pao, Chairman, BW Group noted.
Under the MoC, each private sector partner will contribute S$10 million 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.
What is more, MPA will add S$60 million R&D funding to these contributions, bringing the fund to a total of S$120 million.
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, with Temasek and Temasek Portfolio Companies at the same event today.
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 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.
…as Ms Quah Ley Hoon, Chief Executive of MPA, concluded.