Sailing into Unchartered Waters: An In-depth Look at the Maritime Industry's Challenges for 2023 and Beyond
The marine industry, a backbone of global trade, finds itself in uncharted waters as it faces a series of unprecedented challenges in 2023 and beyond. The rapidly evolving global context presents a complex array of hurdles that demand strategic and innovative solutions. Drawing from insights published in a piece by the IMarEST (Institute of Marine Engineering, Science and Technology), let's explore three pressing challenges that the industry must navigate to stay afloat and prosperous. 1. Confronting Climate Change and Sustainability Issues Tackling environmental impact is a pressing concern for the marine industry, responsible for about 3% of global CO2 emissions. The industry finds itself at the frontline of the climate crisis, facing mounting pressure to reduce its carbon emissions and make shipping more sustainable. In a bid to achieve the IMO's ambitious target of halving greenhouse gas emissions from shipping by 2050, the industry must implement a substantial shift in shi...