MPA to invest $100mn in Maritime Singapore Green Initiative

The Maritime Singapore Green Initiative seeks to further reduce the environmental impact of shipping and related activities to promote clean and green ... XInFocusShipping&MarineStaffReporter,SingaporePublished:10yearsagoMPAtoinvest$100mninMaritimeSingaporeGreenInitiativeTheMaritimeSingaporeGreenInitiativeseekstofurtherreducetheenvironmentalimpactofshippingandrelatedactivitiestopromotecleanandgreenshipping.AccordingtotheMaritimeandPortAuthorityofSingapore,MaritimeSingaporeGreenInitiativeisacomprehensiveinitiativecomprisingthreeprogrammes-'GreenShipProgramme','GreenPortProgramme'and'GreenTechnologyProgramme".EmphasisingSingapore’scommitmenttoaddressgreenhousegasemissionsbyshipping,MinisterLimsaid,“Toencouragecompanieswhoarereadyorthinkingaboutundertakingenvironmentally-friendlyshippingpracticesaboveandbeyondwhatisIMO-mandated,theMPAwillinvestuptoS$100millionoverthenextfiveyearsintheMaritimeSingaporeGreenInitiative.ThisinitiativeunderscoresSingapore’scommitmentasaresponsibleflag,andportstatetocleanandgreenshipping.”UndertheGreenShipProgrammetargetedatSingapore-flaggedships,MPAwillprovideincentivestoshipownerswhoadoptenergyefficientshipdesignsthatreducefuelconsumptionandcarbondioxideemissions.Singapore-flaggedshipswhichgobeyondtherequirementsofIMO’sEnergyEfficiencyDesignIndexwillenjoya50%reductionofInitialRegistrationFees(IRF)anda20%rebateonAnnualTonnageTax(ATT)payable.Shipownerswillalsoberecognisedthroughcertificatesandanew“SRSGreenShipoftheYear”awardstartingfromthenextSingaporeInternationalMaritimeAwards.TheGreenPortProgrammeisaimedatencouragingocean-goingshipscallingatthePortofSingaporetoreducetheemissionofpollutantslikesulphuroxidesandnitrogenoxides.Shipsthatusetype-approvedabatement/scrubbertechnologyorburncleanfuelswithlowsulphurcontentbeyondMARPOLrequirementswithintheportcanenjoya15%reductiononportduespayable.TheGreenTechnologyProgrammeaimstoencouragelocalmaritimecompaniestodevelopandadoptgreentechnologiesthroughco-fundingofuptohalfofqualifyingcosts.Forastart,MPAwillsetasideS$25millionfromtheMaritimeInnovationandTechnology(MINT)Fundforthisprogramme.Ifresponseisgood,MPAwillsetasideanotherS$25millionforthisprogramme.Mr.S.S.Teo,PresidentoftheSingaporeShippingAssociationwaspleasedwiththeMaritimeSingaporeGreenInitiative.Hesaid,“IamgladthattheMPAhastakentheinitiativeasaleadingshipregistry,tobecometheworld’sfirstmaritimeadministrationtolaunchacomprehensivepro-environmentinitiativeforSingapore’smaritimesector.ThethreeGreenProgrammeswillenhanceshipping’senvironmentalimage,andraisethesocialawarenessofSingapore’sshippingcommunity,aswetakeonanevenmoreactiveroleinfurtherreducinggreenhousegasemissionfromshipping.” JoinSingaporeBusinessReviewcommunityYoure-mailaddressSinceyou'rehere......therearemanywaysyoucanworkwithustoadvertiseyourcompanyandconnecttoyourcustomers.Ourteamcanhelpyoudightandcreateanadvertisingcampaign,inprintanddigital,onthiswebsiteandinprintmagazine.Wecanalsoorganizeareallifeordigitaleventforyouandfindthoughtleaderspeakersaswellasindustryleaders,whocouldbeyourpotentialpartners,tojointheevent.Wealsorunsomeawardsprogrammeswhichgiveyouanopportunitytoberecognizedforyourachievementsduringtheyearandyoucanjointhisasaparticipantorasponsor.Letushelpyoudriveyourbusinessforwardwithagoodpartnership!Yes,contactmeIwanttodownloadthemediakitTopNewsInFocusMoreNewsSingapore’s5.9%Q4GDPasignofoptimismfor2022:UOBMaybankandOCBCalsoechoedthisoutlookfortheupcomingyear.Economy 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