S. Korea seeks to accelerate green transition in shipping under new blueprint

Seoul, on August 27, the South Korean government revealed a plan to accelerate the shift towards environmentally friendly shipping methods by the year 2035. This initiative will support 889 private and public vessels in transitioning to eco-friendly models, as part of their ongoing commitment to reduce carbon emissions and bolster the competitiveness of associated industries.

The Ministry of Trade, Industry and Resources, along with the Ministry of Oceans, unveiled the second basic plan for the development and implementation of eco-friendly vessels within the 2026-2035 timeframe. The primary focus of this plan is to cultivate a green shipping and shipbuilding ecosystem.

The government intends to provide support to small and medium-sized shipbuilders and marine equipment suppliers, especially in areas such as eco-friendly vessel design and equipment testing. Additionally, South Korea aims to boost domestic production of eco-friendly vessels through strategic cooperation between the shipbuilding and shipping industries.

The ultimate goal is to capture 50 percent of the global market for zero-carbon vessels by 2035. A senior industry ministry official expressed that successfully executing this basic plan for eco-friendly vessels would enable South Korea to gain an early advantage in the global eco-friendly vessel market and create new business opportunities for the country's shipbuilding ecosystem.