The South Korean government will invest around KRW222.3 billion won (US$150 million) this year to support the construction and refit of 81 environment-friendly ships.
This is the continuation of an existing government policy that requires South Korea's private sector to build environment-friendly vessels as part of a broader initiative to reduce greenhouse gas emissions. Under the policy, the government will provide subsidies of up to 30 per cent for private companies to build such vessels.
From 2021 to 2024, 118 government vessels and 81 privately-owned vessels were either newly built with environment-friendly technologies or converted to permit integration of such technologies.
In 2025, subsidies will be provided for the construction of 54 new vessels and the retrofitting of 81 existing vessels.
The country's Ministry of Oceans and Fisheries is now accepting applicants for the 2025 First Eco-Certified Ship Supply Support Program. Selected candidates will receive a subsidy equivalent to up to 30 per cent of the cost of construction, depending on the level of certification and the cost of building the vessel.