South Korea reviews proposal for green shipping corridor bill
South Korea's National Assembly has introduced a green shipping corridor bill, which, if passed, will mandate the use of zero-emission fuels in shipping corridors.
PHOTO: A large container ship in Busan Port. Getty Images
The proposed bill will cover domestic and international corridors selected by the Korean Ministry of Oceans and Fisheries, John Yum, shipping representative at the non-profit Solutions for Our Climate (SFOC) told ENGINE.
The bill states that only zero-emission fuels are to be used in these selected green shipping corridors. It is likely to be discussed and refined throughout the year, Yum said.
The bill will exclude "bridge fuels" based on fossil fuels, such as LNG, Yum added.
One of the bill’s main focus areas is that zero-carbon ships operate on these corridors. Another key aspect is that the government will introduce support measures to businesses involved in the shipping industry, encouraging them to sign Memorandums of Understanding (MoUs) for these green shipping corridors.
Support measures will include tax incentives and subsidies for the MoU signees involved in eligible green corridor initiatives are on the cards, Yum said.
It is unclear when the bill will be approved or implemented. Yum stated that, if passed, the act will come into force six months after the date of approval, adding that discussions to develop the bill may take up to a year.
By Manjula Nair
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