BW Group, ONE and Sembcorp invest in new decarbonization center in Singapore

Container carrier ONE, shipyard Sembcorp and the BW group are among the names that have now teamed up to raise money for a new maritime decarbonization center in Singapore in collaboration with the city-state's port authority. The parties will add USD 90 million to realize the plans.

Photo: Edgar Su/Reuters/Ritzau Scanpix

Six large players in shipping now join the Maritime and Port Authority of Singapore (MPA) to raise money for a maritime decarbonization center in Singapore.

The center will be tasked with the mission to "catalyze and fascilitate" the lowering of shipping's carbon footprint. With the establishment of a fund, the center will receive SGD 120 million (USD 90 million) from its founding members, states a press release.

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