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.