COP27’s implications for port-cities

COP27 finished on November 20th, 2022, after extensive deliberations. The event, which took place in Sharm El Sheikh (Egypt), resulted in the historical creation of the “loss and damage” fund and other decisions that will have an impact on ports and cities. The shipping sector, which accounts for ~80% of all global trade and is the backbone of the world’s logistical supply chain, was at the heart of numerous discussions. Green Shipping had already gained traction following the COP26 through the creation of Green Corridors under the Clydebank Declaration. In this COP numerous new initiatives have been launched which will have a significant impact in the decarbonization of the industry: Green Shipping Challenge, The US envoy for climate John Kerry and Norway’s prime minister Jonas Gahr Støre, have launched a platform for 40 commitments to accelerate ship decarbonization. The Challenge encourages countries, ports and shipping companies to align the industry with the goal of…