2030 Green Ship-K Promotion Strategy

2030 Green Ship-K Promotion Strategy

2030 Green Ship-K Promotion Strategy

What is it?    

On December 23, 2020, the Ministry of Oceans and Fisheries (MOF) of the Republic of Korea unveiled "The First National Plan for the Development and Popularization of Green Ships (2021-2030)," also known as the "2030 Green Ship-K Promotion Strategy." This initiative aims to contribute to carbon neutrality in the global shipping industry.

Key Objectives 

Reduction of Greenhouse Gas Emissions:

  • Aim to cut greenhouse gas (GHG) emissions by up to 70% by 2030.
  • Focus on advanced emission-free technologies in various domains such as ship design, future fuels, renewable energy, and equipment.

Greener Fleet Initiative:

  • Transform 15% of Korean-flagged ships (528 out of 3,542 ships) into greener vessels.



7 Strategies to Implement the 2030 Green Ship-K Promotion Strategy

1. Encourage Conversion and Construction of Green Ships

  • Build or convert 528 green ships by 2030 (388 public sector, 140 private sector).
  • Mandate Government, local governments, and public corporations to replace old vessels with green ships.

2. Promote Eco-Friendly Technologies and Fuels

  • Utilize de-commissioned government-owned vessels and new coastal pilot ships for testing new technologies.
  • Ensure technologies are verified for commercial feasibility before applying them to larger oceangoing ships.
  • Support the development and commercialization of zero-carbon ships, such as hydrogen-fueled ships, by 2030.

3. Expand LNG Infrastructure

  • Build LNG bunkering capacity in the ports of Busan and Ulsan (1.4 million tons) and other ports (Gwangyang, Incheon, Pyeongtaek, Dangjin) by 2030.
  • Engage a dual LNG carriage-bunkering ship and construct two additional LNG bunkering ships by 2022.

4. Financial Incentives and Support

  • Implement measures to reduce eco-friendly fuel fees and port dues to encourage the shipping industry to adopt green technologies.
  • Formulate financial strategies to mitigate high building costs and lack of fueling infrastructure in the private sector.

5. Economic Impact and Job Creation

  • Aim to generate approximately 5 trillion KRW in sales and 11 trillion KRW in production within the shipbuilding and shipping industries.
  • Create more than 40,000 jobs by 2030.

6. Environmental Goals

  • Reduce GHG emissions by 50% by 2050 compared to 2008 levels.
  • Improve marine and atmospheric environment by reducing 3,314 tons of particulate matter and 4 million tons of GHG by around 2030.

7. Stakeholder Engagement and Compliance

  • Encourage global maritime sector stakeholders to adopt greener trends.
  • Support the IMO's and EU's regulatory frameworks and initiatives, including the EU-ETS.


By implementing these strategies, the 2030 Green Ship-K Promotion Strategy aims to facilitate the transition towards a greener maritime industry, contributing to significant environmental, economic, and societal benefits.



Towards Zero, Together

The 2030 Green Ship-K Promotion Strategy calls us to action for a cleaner, greener maritime industry through eco-friendly technologies, infrastructure expansion, and financial incentives. By uniting our efforts and innovations, we can achieve a zero-emission future and create a sustainable legacy for generations to come.

Contact us at sg@vem-group.com to discover how VEM Solutions can power your journey towards a greener, zero-emission future in shipping!

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source: Ministry of Oceans and Fisheries
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