The Maritime and Port Authority of Singapore (MPA) has continued with its flurry of new initiatives unveiled during Singapore Maritime Week, announcing plans to partner with six maritime industry stakeholders in establishing a SGD$120 million fund (approx. US$90 million) for a maritime decarbonisation research centre that will be set up in the port city.
A memorandum of cooperation (MoC) has been signed with BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas and BHP to create the fund, with each private sector partner to contribute SGD$10 million to support the establishment of the centre, which will carry out maritime decarbonisation-related research and technology development projects.
MPA will add SGD$60 million in R&D funding to these private sector contributions, bringing the total to SGD$120 million.
“Maritime decarbonisation is a global challenge requiring a collective responsibility from all stakeholders involved,” said Quah Ley Hoon, Chief Executive of MPA.
“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.”
MPA has also signed an additional memorandum of understanding (MoU) with Singapore-headquartered investment company, Temasek, to explore areas of collaboration 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.