UNCTAD calls for more investment in global maritime infrastructure
The UN Conference on Trade and Development (UNCTAD) says that greater investments are needed to prepare ports and the global shipping fleet for future climate challenges and the energy transition.
PHOTO: Oil tanker with smoke trail. Getty Images
UNCTAD's "Review of Maritime Transport 2022" highlights that total carbon emissions from global shipping fleet increased by 4.7% between 2020 and 2021, with container ships, dry bulk and general cargo vessels accounting for most of it.
The agency has called for more investments in technical and operational measures such as uptake of low or zero-carbon fuels, use of on-shore electricity and retrofits of energy-saving vessel technologies to reduce emissions.
Meanwhile, it cautions that investments in newbuilds could be hampered a weak global economic outlook and regulatory uncertainties.
It says that global maritime trade growth is set to slow down in the coming years amid macroeconomic headwinds. It expects seaborne trade to grow at an average rate of 2.1% between 2023–2027, which is below the historical average of 3.3%.
"The recovery in maritime transport and logistics is now at risk from the war in Ukraine, the continued grip of the pandemic, lingering supply-chain constraints, and China's cooling economy and zero-COVID policy, along with inflationary pressures and the cost-of-living squeeze," the report says.
The report also suggests that a “predictable global regulatory framework” will help to boost investments in decarbonisation technologies.
By Shilpa Sharma
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