SINGAPORE - A $280 million fund to help aviation firms boost their productivity will be extended for another five years till 2025, to meet the growing demand for air travel in the coming years.
"We cannot meet the new demand just by growing manpower; we need to leverage technology and raise productivity. We will help companies transform and capture new opportunities," he added. The extra investment comes amid the coronavirus outbreak, which has heavily impacted the maritime and aviation sectors.
Sustainable aviation fuels , which can reduce emissions by up to 80 per cent over their life cycle compared with conventional jet fuel,will play a role in that approach, despite them being"two to five times" more expensive today. The country will also participate in the voluntary phase of an international aviation carbon reduction scheme that starts next year.