CSA, IDB sign agreement to accelerate shipping industry decarbonisation

THE CARIBBEAN Shipping Association (CSA) and the Inter-American Development Bank (IDB) will collaborate to decarbonise the shipping industry after signing a memorandum of understanding on Friday, March 17.

The partnership reinforces the commitment to support the decarbonisation of the maritime transport sector, reducing greenhouse gas emissions in Latin America and the Caribbean.

The agreement was endorsed by IDB Vice-President for Countries Richard Martínez, CSA President Lindsay Marc Sampson, and CSA General Manager Milaika Capella Ras during the IDB and IDB Invest’s annual meeting in Panama.

The agreement aims to expedite the industry’s decarbonisation, while simultaneously enhancing the economic and social development of the region. Additionally, the framework aims to improve the efficiency and efficacy of maritime transport activities and services, as well as optimise the operations of seaports, harbours, and their associated activities.

Over the course of this three-year arrangement, both institutions will collaborate on different activities, including studies focused on decarbonising maritime transport and improving the operations of seaports and harbours in the Caribbean. They will also work on technical and operational matters related to reducing the use of fossil fuels in seaport activities such as operation and maintenance.

Additionally, they will conduct joint capacity-building activities to advance shipping and trade policies and regulations on decarbonisation, the circular economy, labour affairs, gender inclusion, SMEs, and institutional strengthening.

What’s more, the IDB will collaborate with the CSA to develop an analytical framework for the key building blocks necessary to decarbonise shipping and port services. The partnership will include the creation of new alliances and the analysis of existing policies and regulations to support the shift towards decarbonisation of shipping and port services in an enabling environment.

In response to the signing, Martínez said, “This partnership is an essential step to support the region’s economic development. As we know, the Caribbean heavily relies on maritime transport for trade. This partnership will create opportunities to enhance trade, which is critical for economic growth.”

For his part, Sampson stated, “The enactment of our partnership today will help to bolster our efforts to protect the region’s environment and hasten our progress to adopting better technologies, procedures, and energy alternatives. This agreement is not only necessary for the environment, but also for economic growth and international cooperation.”

The move supports the CSA’s efforts to focus on issues affecting the region and the push towards more sustainable methods of improving the Caribbean, Capella Ras added. “It is our hope that today’s formal cooperation with the IDB will be a continuation of those efforts which we are pursuing. The success of this relationship will be critical to the Caribbean, which is vulnerable to the impacts of climate change. We are highly dependent on imported fossil fuels, which contribute to greenhouse gas emissions and also make us vulnerable to oil fluctuations on the global market,” she said.

The IDB was established in 1959 and is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. It also conducts cutting-edge research and provides policy advice, technical assistance and training to public- and private-sector clients throughout the region.

The Caribbean Shipping Association emerged in 1971 from the necessity of a central voice for the region’s shipping industry. It represents interests in the private and public sectors across the Caribbean and South, Central and North American ports, facilitating the development and exchange of ideas and practices integral to the growth of regional shipping.