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38 | ACCELERATING BLUE FINANCE AND ECONOMY

ROUND-TABLE ON THE BLUE ECONOMY
Shipping and the triple

planetary crisis

Blue economy experts attended a two-day workshop at the Monaco Scientific

Centre to discuss the green transition of this key sector of the global economy.

There was a new subject up for debate at this year’s SHIPPING TRADE: A NEW ERA
round-table on the blue economy, held as part of ON THE HORIZON?
Monaco Ocean Week. International experts in public
policy and ocean science met on 19 and 20 March “While the growth in maritime transport is vital for
2024 to discuss and work towards common minimum world trade, it has become a double-edged sword,
standards in ocean conservation, in particular for exacerbating the triple planetary crisis of climate
maritime traffic. This intense two-day event was jointly change, pollution and biodiversity loss”, noted Patrick
organised by the Monaco Scientific Centre, the Prince Rampal, President of the Monaco Scientific Centre.
Albert II of Monaco Foundation, Philanthropy Cortés To address the complex link between shipping and
Solari, the MERI Foundation and Velux Fonden. the triple planetary crisis, COP 28 in Dubai last
Participants at the high-level workshop separated year announced the launch of the ‘2030 Shipping
into four groups to examine the challenges facing Pact for People and Nature’ (SPPaN). This historic
countries as they attempt to make shipping more pact underlines the need to decarbonise maritime
sustainable and reduce its impact on the climate, transport, not only to reduce its environmental
biodiversity and pollution. footprint but to usher in a sustainable era for the
shipping trade. Marine pollution, caused mainly by
shipping activities, presents a huge challenge to
DRAFTING A POLICY BRIEF our collective aspirations for a sustainable future.
While shipping is comparatively less polluting than
The workshop at Monaco Ocean Week resulted in other modes of transport, there is considerable
concrete recommendations linked to four themes: room for improvement. Nathalie Hilmi, Section
science and the environment; institutional and social Head of Environmental Economics at the Monaco
matters; economics and finance; and technology. The Scientific Centre, pointed out that “moving towards
points raised and recommendations made by each decarbonisation requires concerted efforts to
group are currently being compiled by the organising explore innovative solutions and adopt cleaner, safer
team and will form the basis of a solid policy brief to fuels, heralding a new sustainable era for maritime
be presented at COP 29 in Baku in November 2024. transport. Yet many obstacles lie ahead, from
technological constraints to economic viability and
public acceptance. Addressing these challenges
requires a collaborative spirit that draws on the
collective wisdom of stakeholders across all sectors,
in every geographical area.”