South Korea Invests $150 Million in Eco-Friendly Shipbuilding to Reduce Emissions

The South Korean government has allocated approximately 222.3 billion KrW ($150 million) to support the construction and renovation of 81 environmentally friendly ships this year. This investment is part of a larger government initiative aimed at reducing greenhouse gas emissions by promoting the development of eco-friendly ships within the private sector.

Under this government policy, private companies in South Korea are eligible for subsidies of up to 30 percent for the construction of environmentally friendly ships. By providing financial incentives to companies that prioritize sustainability in their shipbuilding projects, the government hopes to accelerate the transition to a greener maritime industry and contribute to efforts to combat climate change.

This funding reflects the government’s commitment to investing in sustainable technologies and practices that align with global efforts to reduce carbon emissions and minimize environmental impact. By supporting the construction of environmentally friendly ships, South Korea aims to strengthen its position as a leader in the development of eco-friendly technologies and promote a more sustainable future for the maritime sector.

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