[Asia Economy Reporter Kim Hyo-jin] The Financial Supervisory Service (FSS) held the '2020 Busan Maritime Finance Convention' jointly with Busan City on the 4th.
The Busan Maritime Finance Convention has been held annually since 2013 to promote Busan as a maritime-specialized financial hub and to understand global trends. This year, considering the spread of the novel coronavirus infection (COVID-19), it was held online (webinar).
In his congratulatory speech, Yoon Seok-heon, Governor of the FSS, urged, "In line with the government's Green New Deal and the international community's efforts to address climate change and environmental issues, the financial and shipping industries should actively respond to new international trends such as the Poseidon Principles*."
The 'Poseidon Principles' is a framework established by leading international financial institutions to disclose efforts to reduce carbon emissions in shipping loans. It quantifies the carbon reduction performance of vessels financed through loans and publishes it annually.
Byun Sung-wan, Acting Mayor of Busan, mentioned Busan's potential as a global maritime city and stated, "We will expedite the construction of Gadeok New Airport to accelerate the completion of a true tri-port," adding, "We plan to swiftly prepare for the future by integrating financial technologies based on the 4th industrial revolution, such as digital finance and blockchain, into the maritime industry."
At this convention, topics such as the international eco-friendly trends in the maritime sector and the roles of Korea's shipping industry and financial institutions were raised.
With the International Maritime Organization (IMO) setting a goal to reduce carbon emissions by 50% by 2050 compared to 2008 levels, and international financial companies accounting for about 25% of global ship financing participating in the Poseidon Principles, it was explained that Korean financial companies and maritime finance-related organizations need to cooperate and join these efforts.
It was also pointed out that Busan, ranked 8th globally in competitiveness as a maritime hub, needs to make multifaceted efforts in line with international environmental regulations to grow as a global maritime finance center.
The FSS and Busan City plan to reflect the various opinions presented at this convention to further strengthen the maritime finance hub.
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