SWITZERLAND – Global agribusiness and commodity trader, Cargill, along with Rainmaking and more than 10 industry partners, is launching a program in Singapore to decarbonize the maritime industry.
The program, which is the first of its kind in Asia, will bring together startups and industry leaders to test and scale transformational technologies that can reduce CO2 emissions.
While shipping plays an essential role in facilitating world trade as it remains the most cost-effective and energy-efficient mode of mass cargo transport, it also contributes to around 2% of global greenhouse gases (GHG).
The International Maritime Organization (IMO) has set a target to reduce the maritime industry’s GHG emissions by 50% in 2050 and average carbon intensity (CO2 per ton-mile) by 40% in 2030, compared to a 2008 baseline.
Unlocking the potential of Asia
By connecting tech innovation with corporate scale and funding, the founding members of the Singapore program say that the initiative will play an important part in helping the industry fulfil the IMO’s decarbonization targets.
“We know that Asia is a gateway to a wealth of tech innovation and we need to tap into this,” said Ying Ying Lim, APAC Managing Director for Cargill Ocean Transportation.
“We also know that our industry faces a huge challenge to decarbonize emissions and drive digitalization.
“By connecting creative and talented thinkers with industry leaders at one of the world’s busiest ports and digital hubs, we will be able to convert transformational ideas into real opportunities.”
The program is part of Rainmaking’s global Trade & Transport platform, which has already hosted two cycles in Europe, scouting more than 1,200 startups and resulting in 24 collaboration projects between 5 corporate partners and 16 selected startups.
The Singapore version aims to replicate this success by identifying tech startups from across Asia and matching them with corporate leaders such as Cargill to deliver scalable pilots and ventures that will generate short and long-term decarbonization ROI and impact.
According to the company, applications for the Singapore program are now open until April 10, 2020 after which, startups will be screened and the most relevant teams invited for the program kick-off days in Singapore.