THE Maritime and Port Authority (MPA) of Singapore will help Singapore-listed maritime companies to pay for half of the costs of producing sustainability reports, the regulator announced on Monday.
MPA will co-fund half of the qualifying costs for the reports, capped at S$50,000 per company. The funding for the first 10 approved applications will be on a reimbursement basis.
Singapore Exchange's (SGX) new sustainability reporting rules require listed companies to publish sustainability reports for financial years that end on or after Dec 31, 2017. Companies that take part in the MPA co-funding scheme will have to publish their sustainability reports before Dec 31, 2017.
The co-funding initiative is part of MPA's Green Awareness Programme, which aims to create better awareness of possible avenues towards sustainable shipping.
MPA chief executive Andrew Tan said in a statement: "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."
Yeo Lian Sim, special adviser to SGX, said: "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."