New alliance to bolster maritime’s capacity in carbon accounting

The Maritime and Port Authority of Singapore (MPA) and the UN Global Compact Network Singapore (GCNS) have signed a memorandum of understanding (MoU) to help strengthen the maritime industry’s capacity in carbon accounting and management.

Under the MoU, MPA and GCNS will collaborate with industry associations, including the Association of Regional Ferry Operators (ARFO), the Association of Singapore Marine & Offshore Energy Industries (ASMI), the Singapore Association of Shipsuppliers and Services (SASS) and the Singapore Shipping Association (SSA) to train their members through workshops on the use of the carbon emissions recording tool (CERT) to measure and monitor their companies’ carbon emissions.

The partners will work together to develop training workshops to meet the carbon accounting and management needs of maritime companies, including information sharing on green financing and funding schemes that the companies can tap into to reduce deployment cost of low and zero-carbon emission technologies and vessel designs.

Teo Eng Dih, Chief Executive of MPA, commented: “This MoU with GCNS reaffirms the importance of carbon accounting and management tools, to help maritime companies to accurately measure, report and verify their carbon emissions. We look forward to collaborating with GCNS and industry associations to help maritime companies meet their emission targets and compliance requirements.”

Veronica Lai, Vice President of GCNS, said: “GCNS is delighted to strengthen this vital partnership with MPA and the trade associations of ASMI, ARFO, SASS and SSA. We firmly believe that collaboration within the industry is essential for advancing Singapore’s maritime decarbonisation efforts, and this MoU is a testament of that commitment. We look forward to working hand in hand with MPA and our industry partners to equip local companies with the resources and knowledge to effectively manage their emissions. We are excited to support and facilitate the maritime sector in navigating their transition towards a low-carbon future.”

To note, this MoU builds on the long-standing collaboration between MPA and GCNS to raise sustainability capabilities in the maritime sector. It includes an MoU signed in 2017 to provide maritime companies with training on sustainability reporting. In 2021, that MoU was further expanded to include SSA to support the development of capabilities in carbon accounting through training and recognition. According to MPA, through the initiative, 15 companies have since been awarded the Maritime Singapore LowCarbon50 award over the past three years for their decarbonization plans and carbon accounting.