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Singapore port authority launches S$120 mln decarbonisation fund

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·2-min read
Singapore port authority launches S$120 mln decarbonisation fund
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SINGAPORE, April 21 (Reuters) - The Maritime and Port Authority of Singapore (MPA) announced two initiatives on Wednesday to reduce the shipping industry's greenhouse gas emissions, including a S$120 million ($90 million) fund for a decarbonisation centre. 

  "Maritime decarbonisation is a global challenge requiring a collective responsibility from all stakeholders involved," MPA Chief Executive Quah Ley Hoon said in a statement. 

  With about 90% of world trade transported by sea, shipping accounts for nearly 3% of the world's carbon dioxide emissions. 

  The industry is examining a range of technologies as it tries to meet the International Maritime Organization target of a 50% cut in greenhouse gas emissions from 2008 levels by 2050. 

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

  The MPA signed a memorandum of cooperation with six shipping industry members - BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas and BHP - to establish the Singapore maritime decarbonisation centre and will fund maritime decarbonisation research and technology development projects, the MPA statement said. 

  The six private sector members will each contribute S$10 million to the fund with the remaining S$60 million coming from the MPA, it said. 

  "Climate change is a defining challenge of our time, and the only way to tackle this is with cross-border, cross-sector collaboration," Andreas Sohmen-Pao, chairman of BW Group, said in the statement. 

  In the second agreement, MPA signed a memorandum of understanding with Singapore's Temasek to explore decarbonisation opportunities with the state investor and companies in its portfolio. 

  "This MPA-Temasek agreement paves the way for joint efforts aimed at reducing carbon emissions across port operations, maritime supply chains and shipping, including new potential low- or no-carbon fuels for ships," said Juliet Teo, head of transportation and logistics at Temasek. (Reporting by Roslan Khasawneh; Editing by David Clarke)