South Korea targets Net Zero GHG Emissions from International Shipping by 2050

According to Yonhap News Agency, the South Korean government announced on February 14 that it would replace all ocean going vessels over 5,000 DWT with Eco-friendly powered vessels by 2050 to achieve net zero GHG emissions from international shipping by 2050, and set up a fund and public funds.
 
According to the strategy, the Ministry of Oceans and Fisheries (MOF) has decided to transform all ocean going vessels over 5,000 DWT, which are restricted by international organizations such as the IMO, into Eco-friendly powered vessels. It plans to convert 118 vessels to Eco-friendly vessels by 2030 and 867 by 2050.
 
The MOF estimates that shipping enterprises, the government, and public institutions will invest 8 trillion won by 2030 and 71 trillion won by 2050 to build Eco-friendly vessels.

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