South Korean Ministry of Ocean and Fisheries (MOF) has revised its operational guidelines for the eco-friendly ship and equipment certification system to include new certification standards for environmentally forward vessel equipment.
As disclosed, the new standard will be effective starting February 20, 2025.
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The Ministry expects the guideline’s expansion to shipboard equipment—such as onboard carbon capture and storage (OCCS) and waste heat recovery solutions—to facilitate an ‘easier’ conversion of existing vessels into eco-conscious units.
Additionally, the revised guidelines reportedly introduce several improvements that aim to incentivize the maritime industry’s participation in the system and increase the system’s effectiveness. These include:
“This is an independent initiative that South Korea has proactively implemented to support domestic shipping companies in their decarbonization efforts. With the revision, we hope to encourage an active development of advanced technologies in the eco-friendly equipment sector and accelerate their widespread adoption,” Minister of Oceans and Fisheries Kang Do-hyung underscored.
As informed, the Ministry initially enacted the initiative to promote the adoption of sustainable vessels back in December 2020. As a result, according to MOF, a total of 102 units were rated and certified under the system by 2024.
Ships that obtained this ‘eco-friendly certification’ are understood to have been eligible for various benefits, with support measures comprising:
Over the years, South Korea’s government has pursued a variety of strategies aimed at driving the maritime industry toward deeper decarbonization.
In mid-February, MOF shared plans to splash out around KRW 222.3 billion (approximately $152.89 million) to support the construction or conversion of 81 environmentally friendly vessels.
As outlined, within the scope of this initiative, the public sector will build 34 sustainable units, consisting of electric or hybrid ships , aimed at slashing greenhouse gas (GHG) emissions. Moreover, MOF said that 15 vessels would be upgraded with diesel particulate filters (DPF), which are designed to remove particulate matter or soot from diesel engine exhaust.
Meanwhile, the private sector is anticipated to receive assistance to produce 20 more ships to meet the increasing demand for future-ready fleets.
What is more, all the way back in November 2023, South Korea’s Ministry of Trade, Industry and Energy (MOTIE) revealed it would pour KRW 710 billion ($545 million) into next-generation shipbuilding technology and carbon-free fuels.
MOTIE emphasized that, as part of this endeavor, the goal was also to improve financial support systems and foster stronger collaboration with large corporations and SMEs as well as upstream and downstream industries to drive sustainable growth.
More recently, in December 2024, the Ministry of Oceans and Fisheries unpacked a KRW 14 trillion (roughly $9.78 billion) strategy to upgrade the Port of Busan and turn it into a ‘central’ logistics hub by 2045.
about 1 year ago
South Korean Ministry of Ocean and Fisheries (MOF) has revised its operational guidelines for the eco-friendly ship and equipment certification system to include new certification standards for environmentally forward vessel equipment. As disclosed, the new standard will be effective starting Februa
