MPA allocates $15m to MCF till 2030 to enhance the industry's sustainability

The additional funds will cover 50% for SMEs and 30% for non-SMEs, up to $30k.

The Maritime and Port Authority (MPA) will set aside $15m for the newly created pillar under the Maritime Cluster Fund (MCF) for sustainability till the year 2030.

The $15m allocation will be used to co-fund qualifying adoption costs of pre-approved sustainability solutions.

This will cover 50% for small and medium enterprises (SMEs) and 30% for non-SMEs, up to $30k per solution.

MCF - Sustainability was created to grasp new growth opportunities in the green economy and adopt sustainable solutions in targeted new areas.

The new pillar may also be used to fund projects for new sustainability solutions or projects encouraging industry-wide adoption of sustainability solutions

The MPA will release more details by the 3rd quarter of 2024.