Solutions for Our Climate and Pacific Environment released a new report that provides an achievable vision for green shipping and a zero-emission future for the Korean shipping industry.
According to the report, if Korea fails to rapidly embrace the clean energy transition in ocean shipping, it risks losings its foothold and dominance in the shipping and shipbuilding industries.
South Korea is a leading nation in both shipping and shipbuilding, ranking 7th for the number of vessels owned, 4th based on traffic at container ports, and 1st based on construction of ships.
Recently, at the 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP27), Korea agreed to work with the United States on feasibility study for Busan and Seattle/Tacoma ports’ green corridor, but we believe that four key policy recommendations can accelerate Korea’s zero-emission goals.
If the government fails to harness this moment in climate history and transition its maritime industry to clean energy, the country risks losing shipbuilding market share to other competitors. The policy recommendations in our report outline an initial pathway towards faster, greener shipping and ports in South Korea
warned Madeline Rose, Pacific Environment’s Climate Campaign Director.
The report provides four priority policy recommendations to accelerate Korea’s efforts to achieve zero emissions.
- Commit to 100% zero-emission shipping no later than 2050, ideally 2040, and set zero emission At-Berth policy by 2030 and zero emission standards for harbor craft such as ferries by 2035;
- Implement its first green corridor and expand green corridors to other ports and countries;
- Accelerate and increase investments in green propulsion technologies and green hydrogen fuels;
- End public financing for fossil-fueled ships, including both heavy fuel oil and Liquified Natural Gas (LNG).
On its current trajectory, maritime trade is projected to grow by as much as 130% by 2050 over today’s trade volume. By eliminating fossil fuels from the shipping industry, the South Korea can set an international example and has the opportunity to continue to dominate the shipping industry as a green shipping steward, protect public health and create jobs
the report concluded.
explore more at Korea’s Green Shipping Pathways
