Singapore to fund shipping sustainability reporting


 

The Maritime and Port Authority of Singapore has announced an initiative to help publicly-listed maritime companies with the cost of their sustainability reports.

This comes after the Singapore Exchange launched its official “comply or explain” sustainability reporting requirements in June.

The authority will co-fund half of the sustainability report costs up to a maximum of S$50,000 for each company.

The initiative aims to raise sustainability standards in the shipping industry and it is hoped that it will encourage more companies in the industry to publish credible sustainability reports in line with reporting standards such as the Global Reporting Initiative.