The MPA will add $60 million of funding of its own towards funding the centre. Image Credit: MPA
Singapore's Maritime and Port Authority (MPA) has raised $120 million to put behind a new centre carrying out research into maritime decarbonisation technology.
BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas and BHP have all signed a memorandum of cooperation (MoC) to back the centre, and each will contribute $10 million towards its establishment, the MPA said in a statement on its website on Wednesday as part of Singapore Maritime Week.
The MPA will add $60 million of funding of its own.
The money will be used "to support the establishment of the centre, fund maritime decarbonisation-related research and technology development projects and collaborate with institutes of higher learning and research institutes," the MPA said.
The establishment of a maritime decarbonisation centre was one of the recommendations made by Singapore's international advisory panel that was set up last summer.