SINGAPORE - The Maritime and Port Authority of Singapore (MPA) announced on Monday (Aug 22) a co-funding initiative to help Singapore-listed maritime companies with the cost of producting their sustainability reports.

MPA said it will foot 50 per cent of the qualifying costs, up to a cap of S$50,000 per company. For the first 10 approved applications, MPA will reimburse thecompany.

Companies who take up MPA's co-funding offer will have to publish their sustainability report using world standards such as but not limited to Global Reporting Initiative Guidelines, before Dec 31, 2017.

Singapore Exchange's (SGX) new sustainability reporting rules require listed companies to publish sustainability reports for financial year ending or after Dec 31, 2017.

MPA said the co-funding initiative is part of its new Green Awareness Programme to share knowledge of possible ways to conduct sustainable shipping.

Said Andrew Tan, MPA chief executive: "MPA is the first local maritime organisation to publish both an integrated report and sustainability report last year, and we hope to encourage the rest of the maritime industry to adopt the best practices and mitigate any risks to the environment arising from their operations."

Ms Yeo Lian Sim, Special Advisor to SGX, commended MPA for sharing its best practices and its co-funding efforts. "With MPA's Green Awareness Programme, shipping companies have every encouragement to become early adopters of sustainability reporting and lead the way in raising transparency and communication standards in the maritime sector."