Page 4 - Al-Rashed Newsletter January 2020

SHIPPING WORLD
SHIPPING NEWS

Dubai launches World Logistics Passport at Davos to boost South-South
Trade
The World Logistics Passport links Customs World, DP World, and Emirates Group
to enhance connectivity through Dubai and, through expertise sharing and process
development, directly between partner countries. A pilot project operational since
July 2019 has already increased trade by participants by 10 per cent.
The World Logistics Passport has been designed to overcome the non-tariff trade
barriers, such as logistics inefficiency, that currently limit the growth of trade
between developing markets. South-South trade is already worth an estimated US$
4.28 trillion annually, more than half of total developing countries exports in 2018,
according to the WTO.
Designed as a points loyalty scheme, the initiative has been set up to incentivise
companies and traders to use Dubai’s world-leading logistics facilities in return for
cost and time savings and enhanced customs clearances.

Decarbonization of Shipping Will Cost $1 Trillion
In order to reduce the shipping industry's greenhouse gas (GHG) emissions by 50%
by 2020, it will require around $1 trillion, according to a new study conducted by
University Maritime Advisory Services (UMAS) and the Energy Transitions
Commission (ETC).According to the study, the annual average investment needed
would be $40-60 billion over the next two decades, and to fully decarbonize the
global shipping industry by 2050, an additional $400 billion of investment would be
needed over 20 years, bringing the total to $1.4 - 1.9 trillion.

CMB becomes the world’s first net zero shipping line
Pioneering Compagnie Maritime Belge (CMB), which turned 125 on Friday, is set to
become the first shipping line in the world to be net zero.CMB has announced all its
carbon emissions will be offset starting this year, and long term the company, a
leader in hydrogen propulsion, has pledged to invest in new technologies to operate
a zero carbon fleet by 2050.For this year, CMB has supported certified climate
projects in developing countries, acquiring voluntary carbon units in Zambia,
Guatemala and India.

Source: https://www.mhlnews.com/, Logistics Middle East, Splash247