Maritime transport moves more than 80% of global trade by volume and accounts for approximately 3% of global greenhouse gas emissions, equivalent to nearly 1.1 billion tons of CO₂ per year. Although emissions per ton transported have decreased thanks to efficiency improvements and fleet modernization, the sector's total emissions have increased by 20% over the last decade, driven by longer routes and the growth of international trade.
To achieve carbon neutrality by 2050, as proposed by the International Maritime Organization (IMO), more than 300 million tons of fossil fuels will need to be replaced with more sustainable alternatives, requiring investments exceeding $1.5 trillion in new technologies, vessels, and port infrastructure. Currently, less than 1% of the global fleet operates on low-carbon fuels. The new international agreement that will put a price on carbon emissions starting in 2027 seeks to accelerate the shift, but important questions arise: Will the new global carbon pricing system be sufficient to compel the maritime industry to adopt cleaner technologies? How will these changes affect transport costs, and what implications will this have for island states and major exporters in the region? What support mechanisms and international cooperation will be necessary to ensure that the decarbonization of the sector is fair and inclusive?
