The Shipbuilding Industry Also Declares Participation in 'Carbon Neutrality' by 2050

Steel and Petrochemical Industries Followed by Hyundai and Samsung Heavy Industries Declaring Carbon Neutrality Participation

[Sejong=Asia Economy Reporter Kwon Haeyoung] Following the steel and petrochemical industries, the shipbuilding industry has also declared its participation in achieving carbon neutrality by 2050.

On the 8th, the Ministry of Trade, Industry and Energy announced the launch of the 'Shipbuilding Carbon Neutrality Committee,' an industry-academia-research-government consultative body involving six major shipbuilding companies including Hyundai Heavy Industries and Samsung Heavy Industries.

The committee, composed of six major shipbuilding companies and the Korea Offshore & Shipbuilding Association, released a joint declaration on practicing carbon neutrality on the same day.

The shipbuilding sector emits approximately 2.08 million tons of greenhouse gases annually. Of this, 60% is indirectly emitted from electricity used during the manufacturing process, and about 24% comes from liquid fuels used in sea trials and other operations. The industry identified key tasks for carbon neutrality, including switching to renewable energy fuels, expanding the production of eco-friendly ships, and improving various facilities, equipment, and processes, and agreed to strengthen mutual cooperation.

Additionally, they proposed to the government support for research and development, rational supply of renewable energy power, and expansion of tax credits for facility investments.

Kang Kyungseong, Director of Industrial Policy at the Ministry of Trade, Industry and Energy, stated, "Currently, shipbuilding orders are shifting from cost-centered to environment and technology-centered," adding, "The government will also expedite the eco-friendly ship technology development projects currently being prepared."

Meanwhile, Korea's shipbuilding industry ranked first in orders in the first quarter of this year and has held the world’s number one position for six consecutive months. In particular, eco-friendly fuel-powered ships using liquefied natural gas (LNG) and other green fuels have the world’s top competitiveness in the domestic shipbuilding industry.