THE Inter-American Development Bank (IDB) and the Caribbean Shipping Association (CSA) have agreed to collaborate to help decarbonise the shipping industry.

A memorandum of understanding (MoU) was signed 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.

The agreement aims to expedite the decarbonisation of the shipping industry, while simultaneously enhancing the economic and social development of the region.

Additionally, the framework strives to improve the efficiency and efficacy of maritime transport activities and services, as well as optimise the operations of seaports, harbours and their associated hinterland 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, the partners 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.

Moreover, the IDB is collaborating with the CSA to develop an analytical framework for the key building blocks necessary for decarbonising shipping and port services.

The partnership will also 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.

“This partnership is an essential step in our mission to support the region’s economic development. As we know, the Caribbean relies heavily on maritime transport for trade. This partnership will create opportunities to enhance trade, which is critical for economic growth,” said Vice President Richard Martínez during the meeting.

The President of the Caribbean Shipping Association, Lindsay Marc Sampson, said: “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 co-operation.” (IDB)