70% of global trade by volume (80% by value) is carried by maritime shipping, and 60% of these goods are loaded or unloaded in developing country ports. Maritime transport accounts for 3% of global GHG emissions - equivalent to the 6th largest GHG emitting country globally – and rising rapidly. Simultaneously, seaports are highly exposed to climate change impacts including sea-level rise and increased intensity of storms.

In 2018, the IMO adopted its Initial Strategy on the reduction of GHG emissions from ships, aimed at reducing sector-wide emissions by at least 50% (vs 2008) by 2050 and achieving zero GHG emissions as soon as possible this century. Investment in green and decarbonization technologies represents an upfront expense and a new type of investment that may not be readily supported by traditional maritime financing instruments. Financial support is needed to accelerate pathways for zero-carbon bunker fuels to enable the industry to make confident long-term investments and to enable DMCs to adapt port infrastructure to climate change.

Objective:

This series of knowledge events will engage stakeholders in an escalating, cohesive dialogue to develop a regional path forward for ADB’s member countries to decarbonize and green their maritime sectors.