GCMD strikes sustainable finance partnership with ADB to accelerate decarbonization at sea

The Global Centre for Maritime Decarbonization (GCMD) has penned a contract with the Asian Development Bank (ADB) to give speed to maritime decarbonization efforts through sustainable finance.

As disclosed, the knowledge partnership will strive to advance green financing pathways that support a “sustainable and resilient” maritime sector.

More specifically, according to GCMD, by grounding green financing in ‘verified’ emissions reduction data, the bipartite initiative will aim to build investor confidence, unlock capital for ‘scalable’ decarbonization solutions, and speed up the adoption of energy efficiency technologies (EETs) in shipping.

As informed, the deal between the two parties was signed at a recent meeting in Milan, Italy, against the backdrop of the release of ADB’s Sustainable and Resilient Maritime Fund (SRMF). The SMRF is said to be envisioned to allow for a “future-ready” shipping industry by focusing on five key areas:

• Investing in port infrastructure;
• Accelerating the application of alternative energy sources;
• Closing financing gaps;
• Harmonizing regional policies.

“Through the Sustainable and Resilient Maritime initiative and associated new funding arrangements being developed, we are supporting our client countries to modernise ports, strengthen regional trade connectivity, and de-risk investments that