Foundation Det Norske Veritas contributes S$10 million to help launch a maritime decarbonization centre in Singapore

Signing of public-private cooperation agreement establishes S$120 million R&D fund to accelerate decarbonization in shipping

Oslo, 21 April, 2021: Foundation Det Norske Veritas – which owns DNV Group – has teamed up with the Maritime and Port Authority of Singapore (MPA) and five other industry leaders to establish a maritime decarbonization centre in Singapore.

The centre’s stated mission is to catalyse and facilitate decarbonization in the maritime sector and will be supported by contributions from the founding members totalling S$120 million. Its creation follows the release of a recommendation by the International Advisory Panel (IAP) – a Singapore Maritime Foundation initiative – on maritime decarbonization to set up a decarbonization centre in Singapore. 

The Memorandum of Cooperation was signed on 21 April in the presence of Mr Chee Hong Tat, Singapore’s Senior Minister of State for Transport and Foreign Affairs.

Foundation Det Norske Veritas has committed S$10 million – a figure matched by partners BW Group, Eastern Pacific Shipping, Ocean Network Express, Sembcorp Marine Ltd, and BHP with the MPA adding S$60 million to the contributions.

“The Foundation Det Norske Veritas is driven by a desire to help society tackle major global transformations,” said Remi Eriksen, Chief Executive Officer of the Foundation Det Norske Veritas and DNV. “Transforming the world energy system is one of the biggest challenges currently confronting society, and shipping must play its part. But doing this cannot be achieved without industry wide collaboration. That is why we have taken the decision to become a founding member of the Singapore decarbonization centre.”

Eriksen added: “We believe the deep expertise behind the Foundation complements Singapore’s status as a world-leading maritime ecosystem for sustainable energy and climate change. Working together, I am confident the Centre will deliver a global impact on decarbonization while further bolstering the Foundation’s purpose of safeguarding life, property and the environment.” 

Ms Quah Ley Hoon, Chief Executive of MPA, said, “Maritime decarbonization is a global challenge requiring a collective responsibility from all stakeholders involved. It is crucial to have strong public-private sector partnerships. We thank like-minded partners like the Foundation Det Norske Veritas that have responded strongly to our call for collaboration. The agreement signed today is a first step, which we hope will catalyse a larger, much needed momentum to make international shipping more sustainable.”

“Collaboration is key to progress on the decarbonization pathway. At DNV, we are pleased to widen the scope of our longstanding cooperation with MPA by sharing our technical competence and industry knowledge in this maritime decarbonization centre. Together with leading shipping firms in the region, we look forward to support the adoption of new low- and zero-carbon solutions which will help to reach the IMO greenhouse gas reduction targets,” said Cristina Saenz de Santa Maria, Regional Manager South East Asia, Pacific & India, Maritime at DNV, who signed the Memorandum of Cooperation on behalf of the Foundation Det Norske Veritas.

Spanning a five-year period, Foundation Det Norske Veritas’s contribution will support research and technology development projects in the areas of greenhouse gas emissions reduction, and collaborations with higher education institutes and research bodies.

About Foundation Det Norske Veritas
Foundation Det Norske Veritas is a free-standing, autonomous and independent foundation whose purpose is to safeguard life, property and the environment. This purpose is achieved through its ownership of companies – of which the most important is the DNV Group, a classification, certification and technical assurance and advisory company. The DNV Group was formed following the merger between the classification societies DNV and GL in September 2013. Foundation Det Norske Veritas owns 100% of the DNV Group through Det Norske Veritas Holding AS.

About DNV
We are the independent expert in risk management and quality assurance. Driven by our purpose to safeguard life, property and the environment, we empower our customers and their stakeholders with facts and reliable insights to make critical decisions with confidence. As a trusted voice for many of the world’s most successful organizations, we use our knowledge to advance safety and performance, set industry benchmarks, and inspire and invent solutions to tackle global transformations. 

About the Maritime and Port Authority of Singapore (MPA)
The Maritime and Port Authority of Singapore (MPA) was established on 2 February 1996, with the mission to develop Singapore as a premier global hub port and international maritime centre (IMC), and to advance and safeguard Singapore's strategic maritime interests. MPA is the driving force behind Singapore's port and maritime development, taking on the roles of Port Authority, Port Regulator, Port Planner, IMC Champion, and National Maritime Representative. MPA partners the industry and other agencies to enhance safety, security and environmental protection in our port waters, facilitate port operations and growth, expand the cluster of maritime ancillary services, and promote maritime R&D and manpower development.