The maritime sector is a major global industry. In fact, an article published by the World Bank reports that shipping accounts for 80% of all world trade’s total volume. However, like other lucrative industries, it doesn’t only deal with accommodating a high demand for services, but also constantly faces numerous environmental issues.
Why exactly should shipping companies be involved with battling climate change? There are countless reasons, but one that stands out the most—if we assess matters through an economic perspective—is that climate change is a large threat to the industry itself.
Below, we’ll discuss several impacts of climate change on maritime transport, specifically on its efficiency and profitability.