[300121.EN.SEA] South Korea To Invest US$870 Million Developing Eco-friendly Shipping

 

THE South Korean government is investing US$870 million in developing eco-friendly shipping to address marine pollution problems, reports Fort Lauderdale's Maritime Executive.

Korea's Ministry of Oceans and Fisheries and the Ministry of Industry are committed to the investment between 2022 and 2031 to develop and promote technology for the ships.

The initiative is called the 2030 Green Ship-K Promotion Strategy and it will link the country's Green New Deal designed to achieve carbon neutrality.

The plan targets the advancement of LNG, electricity, and hybrid core technologies and the use of low carbon ship technology including mixed fuels.

The initiative sets a goal of reducing shipping's greenhouse gas emissions 40 per cent in the 25 years and 70 per cent in 2050.

A demonstration project named the Greenship-K will begin the construction of coastal ships with eco-friendly technology to help verify the technology.

The project will construct ten ships that'll range from an LNG bunker ship by 2022 to an LNG-ammonia mixed fuel propulsion ship by 2025.

The 10 ships will include one LNG bunkering vessel, two electric propulsion ships, three hybrid ships, two mixed fuel ships, and three hydrogen ships.

The initiative is also calling for a multi-purpose demonstration vessel by 2023 and to renovate an existing government ship by 2022.

Some 200 old government ships will be replaced, while 189 newer government ships will be converted to eco-friendly technologies by 2030.

It's estimated that the conversion of 528 ships would generate as much as $4.5 billion in sales for South Korea's maritime industries.

North Korea believes that the implementation of these programmes can help create a sustainable ecosystem while supporting the shipping, shipbuilding, and marine equipment industries.

Source : HKSG / Photo : Offshore Energy