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South Korea provides $869m to promote green ship tech

South Korea provides $869m to promote green ship tech

As part of its new 2030 Green Ship-K Initiative, South Korea will allocate about KRW960bn ($869m) to fund eco-friendly ship technology development projects.

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South Korea aims to reduce 40 percent of GHGs from ships over the next 25 years and 70 percent of GHGs in 30 years under the initiative released by the Ministry of Oceans and Fisheries on Wednesday, with a long-term idea of creating carbon-free maritime fuel technologies, such as hydrogen and ammonia.

The initiative includes the construction of more than 10 eco-friendly pilot vessels, such as LNG bunkering vessels and LNG-ammonia mixed propulsion vessels.

The Ministry also aims to encourage the eco-friendly retrofitting of existing ships, achieving a 15 percent conversion rate, using commercially feasible technologies such as LNG and hybrid retrofits.

In addition, the infrastructure for the supply of renewable fuels such as LNG and electricity will be extended gradually.

“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,” the ministry anounced.

Maritime Business World 

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