Entitled “2030 Green Ship-K Initiative”, it is part of the country’s Act on Promotion of the Development and Distribution of Eco-Friendly Ships.

As explained, the initiative aims to align policies with the country’s Green New Deal and establish a brand image of a Korean eco-friendly ship.

Under the newly launched initiative, the Korean government will invest some KRW 960 billion (about $870 million) in eco-friendly ship technology development projects.

Specifically, the plan calls for the development of technologies necessary for future eco-friendly ships that would result in the reduction of greenhouse gas (GHG) emissions by 70 per cent. By using carbon-free ship technologies such as hydrogen and ammonia, Korea wants to reduce harmful ship emissions by 40 per cent in the next 25 years and by 70 per cent in the next 30 years.

The plan also includes the construction of more than 10 pilot ships demonstrating green technologies such as LNG bunkering ships and LNG-ammonia mixed fuel propulsion ships.

What is more, the government aims to promote the application and commercialization of green technologies — primarily LNG and hybrid — within the private sector. Specifically, it plans to support the retrofit of existing ships to become environmentally friendly.

To make this happen, the infrastructure for supplying eco-friendly fuels — ranging from LNG bunkering vessels to onshore power supply — will need to be gradually expanded.

“The transition to eco-friendly ships is an inevitable obligation under international norms, and as a new challenge in the shipping and shipbuilding sectors, it will serve as an opportunity to advance the industrial ecosystem to the next level,” Korean government officials said.

 “With the smooth implementation of the basic plan, we will actively support shipping, shipbuilding, and equipment industries to achieve carbon neutrality in 2050 and create a sustainable industrial ecosystem while developing into a new growth engine that leads to a new era.”

Source: Hellenic Shipping