The Maritime and Port Authority of Singapore (MPA) has pledged up to S$100 million to encourage more environmentally friendly shipping in Singapore for the next five years.
The Maritime Singapore Green Initiative focuses on three areas.
Singapore-flagged ships that adopt energy efficient ship designs will get to enjoy savings on the Initial Registration Fees and a rebate on the Annual Tonnage Tax.
Under the Green Port Programme, ships calling at the Port of Singapore that use approved technologies or burn clean fuel, can qualify for lower port dues.
These two programmes are expected to cost the MPA some S$50 million.
MPA has also set aside S$50 million to encourage local maritime companies to develop and adopt green technologies.
Companies can apply for a fund of up to S$2 million per project.
Transport Minister Raymond Lim said these programmes underscore Singapore’s commitment to clean and green shipping.
“Today, shipping remains by far the most efficient form of cargo transport. It carries more than 90 per cent of world trade but contributes only about three per cent to global carbon dioxide emission. Nevertheless, as a responsible international player, the shipping industry must play its part to reduce greenhouse gas emissions,” said Mr Lim.
