GCMD Signs on 4 New Partners During Singapore Maritime Week
[By: Global Centre for Maritime Decarbonisation]
A year ago, during Singapore Maritime Week (SMW) 2021, the then Minister for Transport, Ong Ye Kung, announced plans to set up a global maritime decarbonisation centre in Singapore. Twelve months on, the Global Centre for Maritime Decarbonisation (GCMD), set up on 1 August 2021 to help the maritime industry eliminate its GHG emissions as quickly as possible, has signed on 4 new partners during this year’s SMW. This adds to the 4 partners that were onboarded earlier this year.
The energy transition for the sector to meet its decarbonisation goals translates to disruptive and transformative changes to fuel types and their production, bunker infrastructure and the need for quality and abatement assurances across supply chains. Recognising this, these partnerships with different stakeholders across the value chain are an integral part of GCMD’s mission to foster collaboration and ensure representation and a diversity of voices across a complex ecosystem. The first integrated energy companies to join the Centre, bp and Chevron bring their expertise and experience as energy producers and end users to the table. Through the International Chamber of Shipping (ICS), GCMD aims to leverage its strong maritime membership base for inputs on regulatory and operational hurdles, and for GCMD to share learnings from the Centre’s decarbonisation projects. The Boston Consulting Group (BCG) brings insights on macro trends in decarbonisation to help frame the Centre’s efforts.
In welcoming the new partners, Professor Lynn Loo, CEO of GCMD said “GCMD believes in taking a well-to-wake approach when it comes to fostering collaboration through partnerships, which is integral to taking on the grand challenge and untangling the complexities of decarbonising shipping. The four partners that we have signed on this week – bp, Boston Consulting Group, Chevron and the International Chamber of Shipping – will bring complementary perspectives that are critical to decarbonising the sector. Together our new partners bring a combined S$25M cash and in-kind contributions as well as their core competencies, technologies and relationships towards our common goal to deploy low-/zero-carbon solutions cheaper, cleaner, and faster.”
Carol Howle, bp’s executive vice president for trading & shipping, said “bp has helped shape the shipping industry for more than 100 years. A net zero future for the maritime sector demands industry collaboration – and GCMD is bringing to the forefront the conversations that matter most. As part of GCMD, we look forward to working and advocating with key industry players to further progress solutions at the pace and scale needed to help this carbon intensive sector transition."
“GCMD is a key player in coordinating regional and global decarbonisation efforts, which aligns closely with BCG’s commitment towards climate action. We are proud to be partnering with GCMD to bring together our areas of deep expertise, to tackle the global challenge of decarbonisation of the maritime industry,” said Neeraj Aggarwal, Chairman of BCG Asia-Pacific. “This aligns closely with BCG’s commitment to building a rich ecosystem of partnerships and collaborations in the journey towards advancing sustainability, in line with the recent launch of our Climate and Sustainability Hub for Innovation in Asia. We look forward to collaborating closely with GCMD to drive innovation and maximize impact in the race against climate change.”
“Lowering the carbon intensity of shipping requires fundamental changes across the entire maritime value chain,” said Mark Ross, president of Chevron Shipping Company. “This is a truly complex task that requires industry-wide collaboration, innovation, and well-designed policy. GCMD brings together knowledge and expertise to help meet this challenge. We
look forward to working with our fellow partners to progress our shared lower carbon ambitions.”
Guy Platten, Secretary General of the International Chamber of Shipping (ICS) shared “We are delighted to partner with GCMD to seek solutions to the decarbonisation challenge that faces our industry. We are going to need an all of the above approach to delivering the fourth propulsion revolution for the maritime sector. Having GCMD partnering with us, along with a key group of stakeholders, will help advance our efforts to increase technology readiness levels to ensure that we can deliver a sustainable and equitable future for the maritime sector.”