Maritime transport investment to improve future crises resilience — UN
We need to learn from the current supply chain crisis and prepare better for future challenges and transitions.
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Daily TribuneWe need to learn from the current supply chain crisis and prepare better for future challenges and transitions.
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The United Nations trade and development specialists UNCTAD said the shipping industry should be sustainable to avoid another global cost-of-living crisis due to supply chain disruption.
In its "Review of Maritime Transport 2022" report, UNCTAD said the world's maritime sector made a five percent increase in carbon emissions. The same report also showed that the average age of the ships in service has grown to 22 years.
"Ships carry over 80 percent of the goods traded globally, with the percentage even higher for most developing countries," the UN agency said in a new report on maritime transport. Thus, UNCTAD saw the need for the marine industry to boost resilience to shocks.
According to the UN, the supply chain crisis during the last two years caused a discrepancy between the demand and availability of maritime logistics capacity. This would further bring freight rate spikes, congestion and significant disruptions to global value chains.
"We need to learn from the current supply chain crisis and prepare better for future challenges and transitions," UNCTAD Secretary-General Rebeca Grynspan said. "This includes enhancing intermodal infrastructure, fleet renewal, and improving port performance and trade facilitation," Grynspan added.
Digitization reduces supply chain disruptions
The research released stated trade facilitation, through digitization, may reduce supply chain disruptions. According to the UN, this may be achieved by lowering port waiting and clearance times and speeding up documentary processes with e-documents and electronic payments.
To reduce maritime transport's carbon impact, UNCTAD recommended investing in technical and operational improvements. These include employing low- or zero -carbon fuels, improving operations, utilizing onshore electricity in ports, and equipping vessels with energy -efficient technologies.
The UNCTAD research also asked the lawmakers to focus on long -term maritime trade promotion and sustainable and resilient transport networks. It suggests expanding vaccine, diagnostic, and treatment availability to combat the Covid-19 pandemic.
Economic development and budgetary flexibility need to strengthen macroeconomic frameworks. They must control inflation, decrease financial vulnerabilities, and prevent food insecurity and poverty setbacks for the most vulnerable.
