ADDRESSING CLIMATE CHANGE THROUGH INNOVATION AND COLLABORATION: PFMS MODEL FOR SHIPPING SECTOR
DOI:
https://doi.org/10.62737/knqqxe53Abstract
Our world is how we made it. The current day air quality in the cities we live is the result of collective actions and decisions we took for our world in the past. Today more than 80% of global trade is carried out through oceans, global trade is all through shipping, and shipping is least polluting mode of transportation. All the raw materials consumed by manufacturing sector, oil, gas, petroleum products, iron ore, coal, grain and other merchandise are moved across the world through oceans. Because of the scale of operations and increasing international trade, the harmful effect of shipping on environment needs to be monitored. Although less but it is negatively impacting oceans and thus contributing to the climate change. There are several organizations and initiatives contributing to the cause of fighting climate change and proactively addressing the cause, all have not received same amount of success. This research work is an effort to understand the initiatives and organizations contributing towards decarbonization in shipping and green shipping and also deep dive into the rationale behind the possibilities of their success in long run. These green initiatives will fundamentally change the way we build, use and exploit maritime ecosystem for global trade. It is high time we understand that our initiatives need to be novel as well as unique in the approach and should be based on conviction that protecting nature and our earth is a collective responsibility, achievable only through collaborative efforts.
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