Asia/Pacific News
MPA Announces Funding for SGX-Listed Maritime Companies to Complete Sustainability Reporting
In an effort to support green shipping, Maritime and Port Authority of Singapore (MPA) Monday announced new co-funding to assist maritime companies listed on the Singapore Stock Exchange (SGX) to meet new requirements for sustainability and integrated reporting.
The new funding, which was announced at the MPA-organised Maritime Sustainability Workshop and is part of the organisation's Green Awareness Programme, will see MPA co-fund 50 percent of the qualifying costs for companies to prepare their sustainability reports, up to $50,000 per company.
"MPA is the first local maritime organisation to publish both an Integrated Report and Sustainability Report last year, and we hope to encourage the rest of the maritime industry to adopt the best practices and mitigate any risks to the environment arising from their operations. The so-called triple bottomline - people, planet and profits - will enhance their shareholder value," said Andrew Tan, MPA's CEO.
MPA says that it will consider companies' initiatives to reduce negative environmental impact, support social causes, and encourage good corporate governance when approving funding.
Further, the organisation notes that companies who utlise the co-funding must publish their sustainability report to world standards, such as Global Reporting Initiative Guidelines, before December 31, 2017.
"With MPA's Green Awareness Programme, shipping companies have every encouragement to become early adopters of sustainability reporting and lead the way in raising transparency and communication standards in the maritime sector," said Yeo Lian Sim, Special Advisor to SGX.
In June, MPA announced that, under its Maritime Singapore Green Initiative (MSGI), the organisation had extended incentives of its Green Ship Programme (GSP) to include ships using liquefied natural gas (LNG) bunkers, effective July 1, 2016.
