Why in the News?

As per the United Nations Conference on Trade and Development's Review of Maritime Transport 2023, international shipping witnessed a notable increase of 20 percent in greenhouse gas (GHG) emissions in 2023 compared to the previous decade.

Key Highlights from the Review:

• The shipping industry plays a pivotal role, accounting for over 80 percent of global trade volume, yet contributes nearly three percent of total global greenhouse gas emissions.
• Containerized trade, after a 3.7 percent decline in 2022, is projected to grow by 1.2 percent in 2023 and is expected to further expand by three percent from 2024 to 2028.
• Oil and gas trade exhibited robust growth in 2022, with tanker freight rates experiencing a significant resurgence driven by geopolitical developments.

About the United Nations Conference on Trade and Development (UNCTAD):

• UNCTAD serves as the United Nations' primary institution addressing trade and development matters.
• Established in 1964 by the United Nations General Assembly, it functions as a permanent intergovernmental body.
• UNCTAD's mission is to promote equitable and effective access to the benefits of a globalized economy for developing countries.
• It offers economic and trade analysis, fosters consensus-building, and provides technical assistance to assist developing nations in leveraging trade, investment, finance, and technology for inclusive and sustainable development.
• Headquartered in Geneva, Switzerland, UNCTAD publishes influential reports, including the Trade and Development Report, the World Investment Report, and The Least Developed Countries Report.