Latest market news

Singapore, Southampton discuss green shipping corridor

  • : Oil products
  • 24/03/21

Singapore and the UK's Southampton have started discussions on a green shipping corridor, which encourages energy transition towards decarbonisation in the maritime sector.

The port authorities of both countries started discussions on areas of collaboration under the UK-Singapore Green Economy Framework (UKSGEF), according to the Association of British Ports (ABP). There were no comments on the expected conclusion of these discussions and the timeline for the corridor's launch.

"We're committed to driving progress in sustainability, as evidenced by our leading position as the UK's first significant shore-power provider," said ABP's regional director for Southampton Alastair Welch.

This discussion comes under the UKSGEF, formed by the UK and Singapore following an initial deal on 1 March 2023. It includes the three sustainability areas of green transport, low-carbon energy and technology, as well as carbon markets and sustainable finance.

The current discussions between the UK and Singapore on a possible green shipping corridor is expected to encompass maritime and port ecosystems, with the aim to support decarbonisation, digitalisation and the growth of the maritime industry. This falls under the first pillar of the UKSGEF that looks at green transport and includes maritime transport decarbonisation, including green and digital shipping corridors. Under this there will be bilateral and multilateral co-operation during international negotiations through the International Maritime Organisation on achieving targets for decarbonisation.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more