Singapore, Maritime Companies Commit US$90 Million for Decarbonization Center
Singapore will set up a US$90 million fund with companies
including BHP Group Ltd. and Sembcorp Marine Ltd. to establish a
maritime decarbonization center in the trade-and-transit hub, a
move that comes amid growing efforts globally to limit the climate
impact of international shipping.
Singapore's maritime and port authority said Wednesday that it
would contribute 60 million Singapore dollars (US$45.2 million) to
the effort, with six private-sector entities adding S$10 million
each. The sum will go toward establishing the decarbonization
center in the Southeast Asian nation and funding related research
efforts, it said.
Other companies contributing to the fund include Eastern Pacific
Shipping, BW Group, Ocean Network Express and Foundation Det Norske
The port authority also said it would work with Singapore state
investment company Temasek Holdings on the decarbonization of port
operations and the development of clean fuels for use in marine
The agreements "are two initial steps, which we hope will
catalyze a larger, much-needed momentum to make international
shipping more sustainable," said Quah Ley Hoon, chief executive of
the maritime and port authority.
The moves come amid growing global interest in lowering the
carbon footprint of the global shipping industry, and in meeting a
2018 United Nations goal to at least halve carbon emissions across
the industry by 2050.
Global oil major Royal Dutch Shell PLC and Sembcorp Marine this
week announced a partnership to study the use of hydrogen fuel
cells for ships in Singapore, a first step in potentially promoting
wider use of the clean fuel locally.
Temasek, which aims to achieve a net-zero carbon emissions
across its portfolio by 2050, earlier this month announced plans to
raise US$1 billion with Blackrock Inc. to invest in decarbonization
Write to Ben Otto at email@example.com
(END) Dow Jones Newswires
April 21, 2021 23:20 ET (03:20 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.