South Korean government to provide subsidies for construction of environment-friendly ships

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.