Monaco hosts its first Shipping event

2024 03 15 Monaco Shipping

Financing Maritime Infrastructure & Innovation for Climate and Oceans, a not-to-be-missed event during Ocean Week, aimed at accelerating financing to support the transition to a low-carbon maritime industry.

In a concerted effort to fight climate change and stimulate capital flows towards a decarbonized maritime industry, maritime sector players will gather at an exclusive meeting during Ocean Week in Monaco, on March 21, 2024, at the Yacht Club de Monaco.

The ambitious decarbonization targets set by the International Maritime Organization - IMO (1) call for urgent action, in which the financing of infrastructure and innovation plays a crucial role. This transition concerns 100,000 ships and requires substantial investment, estimated by UNCNAD at between $8 and $28 billion a year for decarbonization, and a further $28 to $90 billion for infrastructure development to support 100% carbon-neutral fuels by 2050. Ultimately, full decarbonization could increase annual fuel expenditure by 70% to 100%.

Shipowners thus face a number of challenges: fleet renewal, while lacking clarity on alternative fuels, the choice of innovative and environmentally-friendly technologies, the necessary regulations to guide shipowners and ports towards appropriate decision-making, as well as the financing to transform these infrastructures.

Collaborative efforts between carriers, shipyards, investors and other stakeholders are essential for the successful decarbonization of the maritime industry. These synergies extend even further, with collaborations between the yachting and shipping worlds, to test certain innovations before scaling them up to the merchant marine domain. Monaco, as a place renowned for its yachting scene, is also home to many maritime players, making it an essential hub for stimulating sustainable change while linking the two industries.

Blumorpho and AIR Monaco, with the support of the Prince Albert II Foundation, the Monegasque Chamber of Shipping and the New Energies coalition initiated by CMA CGM, will bring together leaders from each category on March 21 at the YCM: shipowners, shipyards, private groups, investors, start-ups and institutions, to increase collaboration to accelerate the financing of the maritime ecological transition.

This exclusive event will facilitate discussions between the various stakeholders and showcase innovative solutions, while highlighting the importance of financing a sustainable transition in the maritime sector.


(1) At the meeting of the Marine Environment Protection Committee (MEPC 80), IMO member states set ambitious targets, including zero net GHG emissions from international shipping by 2050.


Important maritime data:

Around 80% of the volume of international merchandise trade is transported by sea.

The maritime industry contributes around 2-3% of global carbon emissions, equivalent to around 800 million tonnes of CO2 per year.

The marine industry is one of the world's largest consumers of oil, accounting for around 5-8% of global oil demand. This translates into some 280 to 300 million tonnes of heavy fuel oil consumed each year for propulsion and other operational needs.

There are around 100,000 vessels affected by this transition worldwide, ranging from cargo ships to smaller fishing boats and pleasure craft.

By 2050, maritime transport will require a total of 46 million tonnes (Mt) of green hydrogen.

Market demand for marine trade is expected to increase by 39% by 2050. While energy consumption per ton-mile is expected to decrease by an average of 35% to 40% by 2050.

For further information, please contact Joana Foglia

BLUMORPHO is a privately-owned company positioned as an innovation partner for large companies, aiming to establish collaborations for new products, new business models, accelerate customer acquisition while enabling access to private investment. Its expertise lies in identifying market opportunities for innovation with a strong positive impact, and transforming these opportunities into added value while building adapted ecosystems.
Blumorpho helped launch the Smart Marina event with the YCM, and contributed to the Smart Yacht event.

AIR MC: Association of Responsible Investors in Monaco, created in June 2021 by Joana Foglia Berrebi, consultant in sustainable finance applied to oceans, registered under number AD 01643, with the aim of raising awareness of sustainable themes and methodologies among investment specialists.