MPA Singapore, partners to assign $90 million for maritime decarbonization center April 21, 2021, by Jasmina Ovcina
The Maritime and Port Authority of Singapore (MPA) has signed a memorandum of cooperation (MoC) with industry heavyweights to establish a fund for a maritime decarbonization center in Singapore.
The deal was signed with BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas, and BHP.
Signing of the MoC; Image credit: MPA Singapore
Under the MoC, each private sector partner will contribute S$10 million to support the establishment of the centre, while MPA will add S$60 million, bringing the fund to a total of S$120 million ($90.3 million).
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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.
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