South Korea is going to allocate around KRW960bn ($869m) to support eco-friendly ship technology development projects as part of its latest 2030 Green Ship-K Initiative.
Under the initiative, released by Ministry of Oceans and Fisheries on Wednesday, South Korea aims to reduce 40% of GHG from ships within the next 25 years and 70% of GHG in 30 years with a long run goal to develop carbon-free maritime fuel technology such as hydrogen and ammonia.
The initiative includes the construction of more than 10 pilot ships demonstrating eco-friendly technology such as LNG bunkering ships and LNG-ammonia mixed propulsion ships.
The ministry also plans to promote the retrofit of existing ships to become eco-friendly, achieving a conversion rate of 15%, utilising commercially viable technologies such as LNG and hybrid retrofits.
Additionally, the infrastructure for supplying green fuels such as LNG and electric power will 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,” the ministry said.
“With a smooth implementation of this initiative, we will actively support shipping, shipbuilding, and maritime equipment industries to achieve carbon neutrality in 2050 and create a sustainable ecosystem while developing into a new growth engine that leads to a new era,” it added.