Singapore government pledges millions to boost green growth in O&M industry
World facing 'existential' threat, ‘must’ create a sustainable future: Minster of State, Alvin Tan
Alvin Tan, Singapore's Minister of State for Trade and Industry.Photo: OSEA
25 November 2024, 05:08
The Singapore government has pledged to invest S$100 million (US$74.3 million) to boost green growth in the offshore energy and marine industry over the next five years.
Alvin Tan, Minister of State for Trade and Industry, told delegates at OSEA last week of Singapore’s commitment to becoming a greener economy, with a goal of achieving net-zero emissions by 2050, as outlined in the nation's Green Plan.
He announced the new S$100 million support package for offshore and marine engineering companies, which is aimed at fostering partnerships and adopting solutions in growth areas including offshore wind, floating storage and digitalisation.
“This package will support your workers, your companies, to adopt productivity solutions and build capabilities in new growth areas such as offshore wind and digitalisation,” Tan told the audience.
“If you zoom down to Singapore's maritime and offshore industry, this sector in Singapore has made great strides over the past 49 years. We first started with just four domestic marine firms, and now we are a global leader in the marine and offshore industry,” he said.
Tan noted that Singapore today is home to some of the world's largest marine and offshore firms such as Seatrium and ASL Marine, “and we have a strong ecosystem of homegrown firms as well” including promising SMEs like Marco Polo Marine and Mooreast and start-ups such as BeeX.
“So, the question that we have today that confronts us is how do we continue to grow this industry of which all of you are an integral part of? Allow me to use an analogy that we all know, our fleet of vessels,” said Tan.
Using that analogy, he said that industry first needs to “green” its vessels.
“We are now in the meeting of the tides. Both Singapore and the global community are now focused on creating a more sustainable future. We need to do so, it's not a ‘good to do’ as I mentioned in parliament earlier [this month], it's a ‘must do’ because this is an existential threat for Singapore and to many other countries. Not just regionally but also globally,” added Tan.
“To that end, Singapore has announced a national target to reach net zero emissions by 2050. And international organisations all over the world are also working towards gradual and, I hope, quick, faster-paced decarbonisation.”
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