WITH MANY STAKEHOLDERS IN THE MARITIME INDUSTRY, WHAT CHALLENGES DO YOU FORESEE IN COMING UP WITH A HOLISTIC DECARBONISATION STRATEGY THAT IS FAIR TO ALL INDUSTRY PLAYERS?
Governments can choose between a purpose-driven industrial strategy and a laissez-faire approach. In times of growth, laissez-faire leaves markets to determine outcomes. In times of stress, a more proactive strategy can help to channel human and financial resources to solve the challenges we face.
How should one set the strategy and determine what to prioritise? First, we need to ask where the greatest needs at the global or national level are. Second, we need to consider what Singapore is good at, and how we can build on our capabilities.
In terms of needs, the COVID-19 pandemic has highlighted essential services such as food, health, energy, and the systems required to deliver them. Supporting the maritime supply chain ensures we get the resources we need, and that we remain relevant as a hub.
Climate change and decarbonisation issues are also gaining momentum, both as a global necessity and as an economic opportunity. The International Advisory Panel on Maritime Decarbonisation (IAP) is seeking ways to leverage Singapore’s strengths in this field. As a major maritime centre and the world’s leading bunker port, we can play a role in the development of new fuels and efficiency measures to help the industry meet its decarbonisation goals, while generating beneficial outcomes for Singapore.
ARE THERE PLANS TO MAKE SINGAPORE A REGIONAL/ GLOBAL HUB OF MARITIME DECARBONISATION?
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