bp is a strategic partner of GCMD. Partnership adds S$10 million to GCMD's efforts. GCMD aims to help the maritime industry reduce GHG emissions by 2030 and 2050. bp trading & shipping is a major energy trader. bp will use GCMD's maritime findings.

bp has become a strategic partner of the Global Centre for Maritime Decarbonisation (GCMD), as evidenced by a partnership agreement ceremony held this morning in Singapore. GCMD was established to aid in the decarbonization of the maritime industry, and BP is pleased to be collaborating with GCMD to achieve this goal.

The GCMD is headquartered in Singapore, one of the world's busiest ports. It was founded in August of last year as a non-profit organization to assist the maritime industry in meeting or exceeding the International Maritime Organization's (IMO) GHG emission reduction goals for 2030 and 2050. It intends to accomplish this by fostering cross-industry collaboration and sharing the outcomes of its projects, with the goal of accelerating the energy transition in the maritime industry. This collaboration adds S$10 million (USD$7.4 million) in funding to GCMD's efforts.

"BP has helped shape the shipping industry for more than 100 years,"

said Carol Howle, executive vice president for trading and shipping.

"A net zero future for the maritime sector necessitates industry collaboration, and GCMD is bringing the most important conversations to the forefront. We look forward to working with key industry players as part of GCMD to advance solutions at the pace and scale required to assist this carbon-intensive sector transition."

GCMD's chief executive officer, Professor Lynn Loo, stated,

"bp's net zero ambitions and investments in low carbon solutions are aligned with GCMD's mission and projects. We hope to foster collaboration with bp and our other partners in order to address challenges and untangle the complexities of decarbonizing shipping. We are excited to collaborate with and leverage bp's experience and expertise in our pilots and trials."

"A net zero future for the maritime sector necessitates industry collaboration, and GCMD is bringing the most important conversations to the forefront. We look forward to working with key industry players as part of GCMD to advance solutions at the pace and scale required to assist this carbon-intensive sector transition."

Carol Howle is the executive vice president of trading and shipping.

bp trading & shipping (T&S) is a global leader in energy trading. At any given time, approximately 300 ships are on the water for bp, allowing it to move approximately 240 million tonnes of product each year. BP will look to leverage GCMD's findings in its own maritime activities and share developing best practices with its customers via bp's gas and low carbon energy business, which integrates the company's existing natural gas capabilities with its low and zero carbon businesses and markets, such as wind, solar, and hydrogen.

BP is also promoting zero-carbon supply chains by developing new decarbonization technologies and capabilities to develop innovative zero-carbon energy solutions. bp prioritizes the safe development of hydrogen, ammonia, biofuel, and carbon markets, and collaborating with the GCMD on these projects provides a strategic fit.

Lambros Klaoudatos, BP's senior vice president of shipping, will join the board of GCMD as part of the agreement. Following bp's ties with the Global Maritime Forum (GMF), the Maersk Mc-Kinney Mller Center for Zero Carbon Shipping (MMMCZCS) in Europe, and the Blue Sky Maritime Coalition in the United States, the company has formed a strategic partnership with GCMD. Together, these organizations are assisting in the decarbonization of the maritime sector and providing global support for BP's maritime decarbonization journey in Asia, Europe, and the United States.

Source: BP news