U.S. international trading company Cargill Inc. on Monday (9 March) partnered with Rainmaking and more than ten industry partners to launch a program in Singapore to decarbonise the maritime industry.
The program, the first of its kind in Asia aims to bring together startups and industry leaders to test and scale transformational technologies that can reduce carbon dioxide (CO2) emissions.
“We know that Asia is a gateway to a wealth of tech innovation and we need to tap into this,” says Ying Ying Lim, APAC Managing Director for Cargill Ocean Transportation.
“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 aims to be of genuine impact as all stakeholders recognises that shipping plays an essential role in facilitating world trade, as it remains the most cost-effective and energy-efficient mode of mass cargo transport.
However, shipping 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.
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 decarbonisation 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.
Heidi Farr, Cargill Ocean Transportation
T: +41 79 902 85 41, E: heidi_farr@cargill.com
Nigel Teh, Progam Manager – Rainmaking
E: nt@rainmaking.io
Photo credit: Swapnil Bapat on Unsplash
Published: 12 March, 2020
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