Anjali Sharma
GG News Bureau
UNITED NATIONS, 28th Sept. UN trade and development body said on Wednesday that action is urgently needed to combat surging carbon emissions in the shipping industry.
UNCTAD called for cleaner fuels, digital solutions and clear and universal carbon regulations in an industry accounting for over 80 per cent of the world’s trade volume, in which emissions have risen by one fifth over the past decade ahead of World Maritime Day on 28 Septembe.
Secretary-General of UNTAD Rebeca Grynspan insisted that maritime transport needs to decarbonize “as soon as possible”, to ensure economic growth.
She said “Balancing environmental sustainability, regulatory compliance and economic demands is vital for a prosperous, equitable and resilient future for maritime transport.”
She added that investment in green technologies is urgent as nearly 99 per cent of the global shipping fleet still relies on conventional fuels, and commercial vessels are on average over 22 years old.
UNCTAD reported that up to an additional $28 billion will be required annually to decarbonize ships by 2050 and up to $90 billion will be needed each year to develop infrastructure for entirely carbon-neutral fuels by 2050.
It noted that full decarbonization could double annual fuel expenses, potentially affecting small island developing states and least developed countries that rely heavily on maritime transport.
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