The Maritime and Port Authority of Singapore (MPA) will subsidise Singapore-listed maritime companies with up to $50,000 if they produce sustainability reports.
To assist SGX-listed maritime companies in Singapore in producing sustainability reports MPA will foot up to 50% of the costs, up to $50,000 per company.
Tan Suan Jow, MPA’s director of shipping, said that MPA’s Maritime Singapore Green Initiative provided incentive schemes that maritime companies can tap into to help them reduce the environmental impact of shipping.
Qualifying companies would have to publish their sustainability report using internationally approved world standards such as the Global Reporting Initiative guidelines, before 31 December 2017.
Andrew Tan, MPA chief executive, said it wanted to encourage the maritime industry to adopt best practice and mitigate risks to the environment.