Sustainable and affordable shipping is critical to Pacific Island countries which are dependent on shipping for as much as 80% to 90% of all goods needed to sustain their population and economies. Pacific Nations have the most expensive shipping in the world, the longest transport routes, and often the oldest and least energy efficient ships. Collective action with innovative financing is essential to decarbonise this transportation sector and develop a sustainable and affordable shipping industry to support these communities.
In consultation with multi-lateral and bilateral development partners, and with the support of UNSW, the PBSP is developing a blended finance package exceeding US$500 million to enable a 10-year initial work programme (2020–2030) focused on three key priorities:
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Large-scale infrastructure transformation, inclusive of both short-term ferry upgrades and high-ambition projects to increase port/jetty access for underserved populations around the region;
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Small-to-medium scale enterprise development to ensure the private sector is provided with appropriate finance to meet regional maritime transport needs; and,
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Capacity building, analysis, and Research & Development efforts to deliver long-term success of the Partnership for the region.
UNSW is providing technical guidance to the countries leading this partnership, with the support of the World Bank Blue Economy program and National Determined Contribution (NDC) trust fund.
