Snapshot: Singapore allocates SGD 300 million to reduce carbon emissions from the maritime industry
Updated: Apr 14, 2022
Although Singapore only accounts for 0.11% of global emissions and is alternative energy-disadvantaged, the country has ambitions to be at the forefront in the transition towards a more sustainable future.
On 9 March 2022, the Maritime Port Authority of Singapore (MPA) announced the publication of a new decarbonisation blueprint that charts concrete and ambitious long-term strategies to create a sustainable Maritime Singapore. Along with the new blueprint, the MPA will commit at least SGD 300 million in addition to existing commitments in order to move decisively towards maritime decarbonisation and to support activities outlined in the blueprint. .
The MPA has developed the new decarbonisation blueprint in collaboration with relevant industry partners and it includes the recommendations made by the International Advisory Panel on Maritime Decarbonisation in April 2021.
The blueprint includes seven key areas in which the MPA will focus its efforts in the coming years:
Domestic harbour craft
Future marine fuels, bunkering standards and infrastructure
Singapore Registry of Ships
Efforts at IMO and other international platforms
Research & development and talent
Carbon awareness, carbon accounting and green financing
The creation of the blueprint will help carve a path towards net zero emissions at all port terminals in Singapore by 2050. Furthermore, the maritime industry is looking at a future in which a variety of different fuels are used, and as such funds will also be used to prepare Singapore for a multi-fuel future, in which ammonia, methanol and hydrogen may be used as maritime fuels.
One of the aims in the blueprint is for all domestic harbour crafts to be running on electricity or net zero fuels by 2050. In the same year, 50% of the ships flying the Singaporean flag listed under the Singapore Registry of Ships are to be certified green.
In addition to the 2050-goals, medium-term goals are also set. These include:
a minimum of 60% reduction of emissions at port terminals by 2030 (relative to 2005-levels), and
a 15% reduction of emissions by domestic harbour crafts by 2030 (relative to 2021-levels).
Apart from the new allocation of funds, further research into alternative marine fuels and the implementation of high standards on issues such as carbon accounting are meant to position Singapore as a leading maritime nation ready for the future.
The new decarbonisation blueprint for the maritime sector should be seen in continuation of launched initiatives, such as the establishment of the Global Centre for Maritime Decarbonisation, which was formed in August 2021. The centre’s mission is to help reduce the carbon emissions of the maritime industry as quickly as possible. This goal is to be achieved by shaping standards, deploying solutions, financing projects, and fostering collaboration across sectors.
Click here to read the decarbonisation blueprint.
Contact the Royal Danish Embassy in Singapore for more information about business opportunities and how Denmark seeks to inspire green transition in Southeast Asia:
Mark Edward Perry
Head of Trade at the Royal Danish Embassy in Singapore
Phone: +65 9088 5567