Cargill, Rainmaking and more than 10 industry partners, are 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.
“We know that Asia is a gateway to a wealth of tech innovation and we need to tap into this. 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,” said Ying Ying Lim, APAC Managing Director for Cargill Ocean Transportation.
A program with genuine impact
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) and 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 Singapore program will play an important part in helping the industry fulfil the IMO’s decarbonization targets.
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.
Applications for the Singapore program are now open and will be accepted until April 10, 2020. Startups will be screened and the most relevant teams invited for the program kick-off days in Singapore.
A growing partnership to decarbonize shipping
Cargill and Rainmaking have a history of success working together to scout for inspiration to reduce CO2 emissions. In 2018, Cargill ran a CO2 Challenge alongside Rainmaking and DNV GL, an initiative that attracted more than 180 applications proposing solutions to reduce a ship’s gross CO2 emissions by up to 10%. Through this, Cargill has been able to explore existing and new technologies, with energy-saving devices now being installed on vessels under its charter.