MPA to sponsor up to $50,000 of listed maritime firms’ sustainability reports

It is luring firms to comply with the new requirement.

Publicly listed maritime companies now have another motivation to comply with government’s new sustainability reporting requirement as the Marine and Port Authority (MPA) of Singapore offered to subsidise half of qualifying costs of reports or up to a cap of $50,000.

MPA said that the con-funding scheme is part of Maritime Singapore Green Initiative’s new Green Awareness Programme designed to spur greater awareness on possible avenues towards sustainable shipping.

“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,” said Andrew Tan, chief executive of MPA.

Among other initiatives that could be covered are companies’ efforts on reducing environmental impact, social causes, and corporate governance. Companies which 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, MPA said.

Funding to the first 10 approved applications is on a reimbursement basis, it added.