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Singapore’s MPA offers cash aid to listed maritime firms for sustainability reporting

Singapore’s MPA offers cash aid to listed maritime firms for sustainability reporting
The Maritime and Port Authority of Singapore (MPA) has introduced a new incentive that will see qualifying Singapore-listed maritime firms benefiting from a maximum of SGD50,000 ($37,000) to help with the production of a ‘Sustainability Report’.

The Singapore Exchange (SGX) announced in June this year that listed companies will have to publish a Sustainability Report at least once a year, reporting on a ‘comply or explain’ basis covering components including policies, practices and performance, targets, and sustainability framework.

At a workshop held in Singapore on Monday, Yvonne Chan, director of corporate development and cfo of MPA, announced the new co-funding initiative to assist SGX-listed maritime companies in Singapore with the production of their Sustainability Report.

She said MPA will co-fund 50% of the qualifying costs, up to a cap of SGD50,000 per company. The funding to the first 10 approved applications is on a reimbursement basis.

The companies’ initiatives in reducing negative environmental impact, social causes and corporate governance will also be part of the co-funding considerations. Companies who take up this co-funding will have to publish their Sustainability Report using world standards such as but not limited to Global Reporting Initiative Guidelines, before 31 December 2017.

This co-funding initiative is part of the new Green Awareness Programme under the enhanced Maritime Singapore Green Initiative announced in July this year. MPA’s Maritime Singapore Green Initiative has various incentive schemes that maritime companies can tap into to help them embrace efforts to reduce the environmental impact of shipping and its related activities.

Andrew Tan, chief executive of MPA, said, “MPA is the first local maritime organisation to publish both an Integrated Report and Sustainability Report last year, and 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.”