South Korean gov’t to invest $153M to support green shipbuilding and slash GHG emissions

The government of South Korea has laid out a plan to invest about KRW 222.3 billion(circa $152.89 million) to support the construction (or conversion) of 81 environmentally friendly vessels.

According to the nation’s Ministry of Ocean and Fisheries (MOF), KRW 163.5 billion has been set aside from the national budget while KRW 58.8 billion will come from local governments’ funds. 

As disclosed, the public sector will build a total of 34 eco-friendly ships, comprising electric-powered or hybrid vessels, with the aim of positively contributing to the greenhouse gas (GHG) emission reduction efforts.

In addition to this, 15 more units will be outfitted with diesel particulate filters (DPF), devices engineered to remove diesel particulate matter or soot from the exhaust gas of a diesel engine.

On the other hand, the private sector will reportedly receive support to construct 20 more ships to keep pace with the growing demand for future-ready vessels.

The MOF has shared that assistance, for example in the form of secondary financing, is going to be offered for 12 vessels for the purpose of installing environmentally friendly equipment.

This development is