The Maritime and Port Authority of Singapore (MPA) will join hands with industry partners under two separate agreements signed today to advance decarbonisation efforts in the maritime industry.
MPA signs 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. This follows the release of a recommendation by the International Advisory Panel on Maritime Decarbonisation (IAP) to set up a maritime decarbonisation centre in Singapore, according to MPA's release.
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. 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.