The maritime stakeholders of Africa have expressed worry over the inability of the continent to use crucial opportunities in the global marine industry without addressing significant challenges.

The stakeholders made this known during a marine and blue economy side event at the just-ended 29th United Nations Climate Change Conference (COP29), in Baku, Azerbaijan.

Experts and key industry players at the event are Dr. Dola Oluteye of UCL; Ms. Kidanua Gizaw from the African Development Bank (AfDB); Mr. Heaky Dimowo from Nigeria’s Maritime and Safety Administration (NIMASA); Mr. Michael Mbaru from the Kenyan Maritime Authority; and Mr. Stanley Ahorlu, CEO of Prime Meridian Docks, who joined remotely.

The panel highlighted major issues, which includes the ongoing International Maritime Organization (IMO) negotiations on greenhouse gas (GHG) emissions reduction in international shipping.

Mr. Ahorlu stated that the continent, which owns just 2% of the global shipping fleet, largely consisting of aging vessels, faces challenges in retrofitting its fleets with modern technologies.

He said: “The private sector has a significant role to play in this transition. We need financial mechanisms that stimulate investment in maritime infrastructure.”

Oluteye called for prioritizing investments in green infrastructure and renewable energy projects to position Africa as a global leader in renewable energy supply.

With over 90% of Africa’s trade relying on international shipping, she stressed on the economic urgency of restructuring regional trade and fiscal policies to solve increased transport costs under IMO’s GHG Emissions Reduction Strategy.

Oluteye described the potential for a “Green Industrialized Africa” powered by zero and near-zero emissions renewable energy.

She also warned against extractive energy production models that could exacerbate energy poverty, advocating instead for policies that place Africa’s growth at the forefront.

“This reshaping must prioritize Africa’s development above exploitative practices,” she said.