According to the Review of Maritime Transport 2023 by the United Nations Conference on Trade and Development, in 2023, greenhouse gas (GHG) emissions from international shipping were 20 per cent higher than in the last 10 years.
Key highlights of the review:
- Overall, the shipping industry contributes to over 80 per cent of the world’s trade volume and nearly three per cent of global greenhouse gas emissions.
- Containerised trade, which had declined by 3.7 per cent in 2022, is expected to grow by 1.2 per cent in 2023 and grow further by three per cent between 2024-2028.
- Oil and gas trade volumes showed robust growth in 2022, while tanker freight rates saw a strong revival driven by geopolitical events.
About United Nations Conference on Trade and Development (UNCTAD):
- It is the UN’s leading institution dealing with trade and development.
- It is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
- It supports developing countries to access the benefits of a globalized economy more fairly and effectively.
- It provides economic and trade analysis, facilitates consensus-building and offer technical assistance to help developing countries use trade, investment, finance and technology for inclusive and sustainable development.
- Headquarter: Geneva, Switzerland.
- Reports published by the UNCTAD
- Trade and Development Report
- World Investment Report
- The Least Developed Countries Report
Q1) What is World Investment Report?
It is an annual publication produced by the United Nations Conference on Trade and Development (UNCTAD). It is a comprehensive and authoritative source of information on global trends in foreign direct investment (FDI) and related issues. The report provides valuable insights and analysis on the state of international investment and the global economy.