MPA Singapore Encourages Maritime Companies To Adopt Sustainability

In June this year, the Singapore Exchange (SGX) introduced sustainability reporting on a ‘comply or explain’ basis.

To assist and encourage the maritime sector to embrace the new requirement for Sustainability / Integrated reporting, MPA organised a Maritime Sustainability Workshop in M Hotel today. At this workshop, Special Advisor to SGX, Ms Yeo Lian Sim, explained the rationale for the new requirements. Participants also had the chance to hear from industry experts on Sustainability Best Practices. Ms Yvonne Chan, MPA’s Director of Corporate Development and Chief Financial Officer, shared her knowledge and experience in producing MPA’s first Sustainability / Integrated Report for Year 2014.

Tan Suan Jow, MPA’s Director of Shipping, also highlighted that to promote clean and green shipping, 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.

At the workshop, Ms Chan also announced a new co-funding initiative to assist SGX-listed maritime companies in Singapore with the production of their Sustainability Report. MPA will co-fund 50% of the qualifying costs, up to a cap of $50,000 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 Dec 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. The Green Awareness Programme’s objective is to create greater awareness on possible avenues towards sustainable shipping.

Mr 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.”

Ms Yeo Lian Sim, Special Advisor to SGX, commended MPA for promoting Green Awareness in Maritime Singapore through sharing best practices and co-funding efforts. ”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” she said.

Reference: mpa.gov.sg