One thing that humankind is coming to terms with is the necessity for rapid change to protect our planet. If you look for it, each day there is more news and data from bottom to top (firsthand accounts to governmental publications) highlighting human impact on the planet, and the calls to action needed to mitigate the damage we have done.
Sustainability as a term has remained a buzz word for a long time, however, at the juncture we are at, the necessity for ecological consciousness is overwhelming. The term may be overused, but the actual implementation of sustainable actions does not reflect the popularity you would think.
In Trade Finance, we face a particularly complex challenge when it comes to overhauling an antiquated system in favor of future-leaning, “green”-forward, 21st century solutions. At Traydstream, we have concentrated our efforts on creating a smart solution to support document-checking and regulation compliance; however, there are other onerous tasks that the industry faces in the quest to sustainability.
A report that was released by the UN Conference on Trade and Development earlier in 2022 stated that the maritime trade sector needs more investment in infrastructure and technology to propel its transition to a low-carbon energy process.
It went on to produce the following statistic, “in 2021, 30% to 40% of container ships and dry bulk carriers were deemed non-compliant with the new carbon intensity indicator rules due to take effect from January 1 2023.”
UNCTAD Secretary General Rebeca Grynspan made this pertinent statement,
“We need to learn from the current supply chain crisis and prepare better for future challenges and transitions. This includes enhancing intermodal infrastructure, fleet renewal and improving port performance and trade facilitation.”
That puts a behemoth of a task on the import/export leg of supply chains.
As a progressive company, we take our role as leaders in the trade finance community seriously. If the services we offer can help partners along all stages of the trade finance cycle, we are committed to helping. Do you think your company can benefit from streamlined document-checking and compliance reviews? If so, we’re right for you.