MPA launches new decarbonization center to spearhead energy transition journey

August 2 ------ The Maritime and Port Authority of Singapore (MPA) has announced the formation of the Global Centre for Maritime Decarbonization (GCMD) in Singapore and its new leadership team. The new center is set up with a $120 million fund from MPA and six founding partners – BHP, BW Group, Eastern Pacific Shipping, Foundation Det Norske Veritas, Ocean Network Express and Sembcorp Marine. The GCMD aims to collaborate with the industry to help the maritime sector reduce greenhouse gas (GHG) emissions, implement identified decarbonization pathways and create new business opportunities.

As part of the GCMD’s ongoing efforts to explore joint industry projects that advance the deployment of low- and zero-carbon maritime solutions, 31 organizations have expressed interest to collaborate with the GCMD. The organizations include shipping companies, classification societies, research centers, traders, energy players, terminal and tank operators, engineering companies, financial institutions to industry associations.

“Decarbonization is a global challenge, and our industry has to play its part. The challenge is too large for any one company to solve, so collaboration is essential. This center will build on the positive steps taken by many maritime players around the world, and Singapore’s position as a leading maritime center, to help the industry transition to a low-carbon future,” Andreas Sohmen-Pao, Chairman, Governing Board of GCMD. “Contributing 3% of global carbon emissions annually, shipping is one of the hardest-to-abate sectors. GCMD offers a huge opportunity to make significant inroads on the sector’s decarbonization agenda,” stated Lynn Loo, who will be appointed Chief Executive Officer. She will be responsible for working with GCMD’s Governing Board to develop and execute the overall strategy for the new center. Recently, Singapore has been ranked as the top global shipping center for the eighth year running.

Source: offshore-energy.biz