South Korea to invest more than $154m to build 81 eco-friendly ships

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The South Korea government plans to invest around KRW 222.3 billion ($154.5m) this year to support the construction and conversion of a total of 81 eco-friendly ships.

With the support of public and private sector, the government plans to reduce greenhouse gas emissions in the shipping sector by “investing generously” for the development of eco-friendly ships.

The Ministry of Oceans and Fisheries (MOF) announced that it has prepared the ‘2025 Implementation Plan for Environment-Friendly Ship Distribution’ in accordance with the ‘1st Basic Plan for Environment-Friendly Ship Development and Distribution (2021-2030)’.

The government in 2025 will support the construction of 54 eco-friendly ships and 27 modified, with investments distributed between the public and private sector.

The public sector will construct a total of 34 eco-friendly vessels, whilst 15 ships in operation will be retrofitted.

In the private sector, support will be provided for the construction of 20 ships, and financial assistance will be offered for the installation of eco-friendly equipment on 12 vessels to reduce emissions.

The government enacted