Fiji and the Marshall Islands seek $500m to decarbonise local shipping

Fiji and the Marshall Islands seek $500m to decarbonise local shipping

Fiji and the Marshall Islands launched the Pacific Blue Shipping Partnership at the United Nations Climate Action Summit yesterday in New York, determined to decarbonise shipping for up to eight Pacific small island states.

The initiative is a call for an investment of $500m in blended climate financing to catalyse domestic shipping decarbonisation in six to eight Pacific small island states at the scale of shipping appropriate to their micro-state needs.

“Through this partnership, we plan to secure an initial blended finance package of $500m from domestic and international sources, including donor finance, concessional loans, private sector investment, and a planned regional blue shipping bond,” explained David Paul, the Marshall Islands’ environment minister.

The package would be spent purchasing and retrofitting low-carbon ships that combine local design innovation and international technologies, building resilient and low-carbon ports, investing in new renewable energy generation and energy supply chains for regional shipping, and supporting education and training, capacity building, and national policy reforms.

The full proposal will be rolled out at COP in Chile in November.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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