Trends and Implications of Carbon Neutrality in the South Korean Shipping Industry

The international community recognizes the seriousness of the climate change problem and is making various efforts to respond to it. In the shipping industry, the IMO proposed a 100% reduction target for 2050 compared to 2008 based on the Kyoto Protocol and the Paris Agreement of the UNFCCC. In line with the international community's carbon neutrality trend, the South Korean shipping industry faced pressure to decarbonize. The South Korean government and major domestic shipping companies are participating in the trend of the international community, declaring carbon neutrality and building and implementing roadmaps for sustainable development. However, it is not easy to achieve the 2050 carbon neutrality goal due to the high cost associated with the transition to carbon neutrality, technical problems, and insufficient government policies. Accordingly, this study suggests measures to establish carbon neutrality in the domestic shipping industry, such as providing incentives to secure green ships, training carbon-neutrality experts, supporting the development of carbon-free fuels, and expanding support for green shipping Corridor.