Shipping Industry To Lose $10 Billion By 2050 Due To Climate Change

Climate change-related disruptions in the shipping industry, according to RTI International, could cost up to $10 billion per year by 2050.

Many climate-related issues are wreaking havoc on the industry, with recent examples including severe water level drops in the Mississippi River and supply chain interruptions in the Panama Canal.

Shipping Industry
Representation Image

The change in climate impacts the overall productivity of a vessel; the routes are affected, resulting in changes in plans and cargo losses.

The Environmental Defense Fund looked at an RTI study that suggested the shipping industry could lose up to $10 billion a year by 2050 and up to $25 billion a year by 2100 due to the damage and disruption caused by ports alone.

The shipping sector has been sluggish to cut carbon emissions in spite of these constraints.

Green methanol has been used by Maersk to power containerships, but the fuel’s high price and restricted supply make it difficult for this change.

The CEO of the multinational technology and energy company Wartsila, Hakan Agnevall, emphasised the importance of making large investments in green fuels made from renewable energy sources.

Worldwide Greenhouse gas emissions from the shipping sector are around 3%.

However, the sector has recently committed to acquiring net-zero emissions by 2050; experts counted that more vigorous measures are required to meet the targets set forth in the Paris Agreement.

References- CNBC

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