MPA rolls out $90m decarbonisation fund

The Maritime and Port Authority of Singapore (MPA) has partnered up with several major industry players to boost decarbonisation efforts in the maritime industry.

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 new maritime decarbonisation centre in Singapore. The deal will see each partner contribute S$10m ($7.5m) in addition to MPA’s $45m.

“Transforming the world energy system is one of the biggest challenges currently confronting society, and shipping must play its part. But doing this cannot be achieved without industry wide collaboration. That is why we have taken the decision to become a founding member of the Singapore decarbonisation centre. We believe the deep expertise behind the Foundation complements Singapore’s status as a world-leading maritime ecosystem for sustainable energy and climate change,” said Remi Eriksen, CEO, Foundation Det Norske Veritas and DNV.

MPA also signed a memorandum of understanding (MoU) with Singapore-based 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.

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. The agreements signed today are two initial steps, which we hope will catalyse a larger, much needed momentum to make international shipping more sustainable.”

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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