The Maritime and Port Authority of Singapore (MPA) has signed a memorandum of cooperation (MoC) with BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas and BHP to establish a fund for a maritime decarbonization centre to be set up in Singapore. Under the MoC, each private sector partner will contribute S$10 million to support the establishment of the centre, fund maritime-decarbonization-related research and technology development projects and collaborate with institutes of higher learning and research institutes. MPA will add S$60 million R&D funding to these contributions, bringing the fund to a total of S$120 million.
