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Singapore advisory panel puts focus on green, digital corridors

Photo: Singapore Ministry of TRansport Maritime International Advisory Panel Members.jpeg
Singapore’s new Maritime International Advisory Panel (IAP) identified digital and green corridors, and green financing as areas of focus.

The panel announced at the start of Singapore Maritime Week (SMW) is chaired by Minister for Transport and Minister-in-charge of Trade Relations S Iswaran and held its first meeting on 5 – 6 April.

The panel identified key areas for development which were also part of wider, public discussions during SMW.

To better manage, strengthen and optimise supply chains use of advancing digital solutions were stressed by the panel. The IAP recommended collaboration across: data sharing, data standardisation and interoperability, and data security.

“By focusing on these areas, digital corridors among the industry, adjacent sectors and governments can be developed to enable trusted, secure and seamless information flow across global supply chains,” a statement following the first meeting said.

Green corridors were a recurring theme during SMW with Singapore announcing it was to become signatory to the Clydebank Declaration at the same time as unveiling the Maritime IAP at the start of the week.

The panel suggested that coalitions of willing partners could help shape decarbonisation by coming together to develop green corridors

“Such green corridors would serve as pilots to demonstrate how key ecosystems, including regulatory sandboxes for new fuels, green financing, information sharing, and carbon accounting mechanisms, can be brought together to provide practical ways to decarbonise the maritime industry,” the statement said.

The need for further development of green financing was also highlighted and the IAP suggested the development of finance ecosystem to bring together players.

Minister Iswaran said, “We thank the IAP members for their valuable insights on how we can collaborate to bolster the connectivity, resilience and sustainability of global supply chains. As a trusted global maritime hub, Maritime Singapore will continue to drive collaborations with like-minded partners so as to create a digital and green future of maritime together.”