Green vs growth: Can Singapore’s maritime sector decarbonise without losing pace?
SINGAPORE’S ports bustle with activity, reflecting their historical significance as a hub for maritime trade. Evolving over time, these ports have grown to accommodate rising demand, solidifying their role as a cornerstone of the nation’s economic advancement. However, with the sector poised for strong growth, a new imperative has emerged – the need to decarbonise.
The global shipping industry, currently responsible for 2 to 3 per cent of global emissions, is racing towards an equitable transition and a 20 to 30 per cent reduction in shipping discharges by 2030.
This incentivises players to embrace measures such as the creation of “green” shipping corridors for vessels using clean fuels, the FuelEU maritime decarbonisation regulation and related incentives through the US Inflation Reduction Act.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Opinion & Features
Big win for Labour and deal on Europe could produce UK rebound
Will AI ever live up to its hype?
Vibrancy of Singapore Exchange should be everyone’s concern
From Lego to McKinsey, distracted managing can kill companies
South Korea summit comes at key moment in global AI debate
Stock market needs shot in the arm, but not via CPF investments