AStudyonSouthKorea’s2050NetZeroPathwayforShippingPublishedSeptember2024AuthorsJintaeKimlSNUGSESPh.DStudentSoonyoungKimlSNUGSESPh.DStudentGeunhaKim|SFOC|geunha.kim@forourclimate.orgDesignYeonhuiSeo|SFOCNatureRhythmSolutionsforOurClimate(SFOC)isanonprofitorganizationdedicatedtoreducingglobalGHGemissionsandpromotingenergytransition.SFOCisseekingeffectivesolutionstotackletheclimatecrisisthroughvariousmeans,includingresearch,legislation,internationalcooperation,communication,andinitiatingfundamentalchanges.AStudyonSouthKorea’s2050NetZeroPathwayforShipping내내Ⅰ.Introduction41.GHGReductionDiscussionsinShipping42.ObjectivesofResearch5Ⅱ.ResearchMethodology61.MESSAGEix-KshipModel62.Data83.GHGEmissionsReductionScenarios13Ⅲ.AnalysisResults151.TotalSystemCostsandGHGEmissionVolumes152.FuelConsumptionandComposition173.FuelSupply184.VesselAgeCompositionAcrossScenarios195.NewVesselIntroductionScalesAcrossVesselTypes206.InvestmentinNewVessels21Ⅳ.Conclusion23Appendix26References29TableofContentsAStudyonSouthKorea’s2050NetZeroPathwayforShipping4Ⅰ.Introduction1.GHGReductionDiscussionsinShippingMorethan90percentofinternationaltradeisseaborne.ThisfigureisevenhigherforSouthKorea.Astunning99.7percentofitsinternationaltradereliesonmaritimetransport.1ShippingisapivotalindustryforglobaltradeandisparticularlysignificantforacountrylikeSouthKoreathatisheavilydependentonexports.TheInternationalMaritimeOrganization(IMO)isadoptingincreasinglystringentstrategiestoreducegreenhousegas(GHG)emissionsfromshipping.InJuly2023,theIMOrampedupitsgoalfromhalvingGHGemissionsby2050,comparedto2008levels,toachievingnet-zeroGHGemissionsby2050.2Furthermore,thisglobalmaritimeregulatorplanstoadoptamarinefuelstandardasatechnicalelementandaGHGemissionspricingmechanismasaneconomicelementin2025,withtheirenforcementslatedfor2027.Besides,startingonJanuary1,2024,theEuropeanUnion(EU)expandeditsemissionstradingsystem(ETS)tocoverthemaritimesector.Shipsof5,000grosstonnage(GT)andabovecallingatportswithintheEuropeanEconomicArea(EEA)arerequiredtopurchaseEUAllowances(EUA)fortheirGHGemissionsinaccordancewiththeEUMonitoring,Reporting,andVerification(EUMRV)MaritimeRegulationandsubmitthemtotheirrespectiveadministeringauthorities.Non-compliancemayresultinpecuniarypenaltiesandthedenialofentrytoportswithintheEEAterritories.3StricterregulationofGHGemissionsfromshippingisbeingpursuednotonlybytheIMObutalsobyindividualcountriesandregions.Giventhat99.7percentofSouthKorea’simportsandexportsaretransportedbysea,asnotedearlier,thecountryisnaturallysusceptibletoregulatorychangesintheinternationalshippinglandscape.InFebruary2023,theMinistryofOceansandFisheries(MOF)announcedanet-zerostrategythatseekstoreduceGHGemissions60percentby2030,80percentby2040,and100percentby2050,allcomparedwith2008levels.ThisambitiousstrategyissupplementedbyactionplansthatareannuallyreleasedaimedatpromotingthedevelopmentandadoptionofKorean-stylegreenships(K-ships),whichleverageSouthKorea’sadvancedmaritimetechnologiesandstrengthsandcatertothecountry’sspecificneeds.Tomaintainitsleadershipinshippingandrelatedindustries,thismaritimepowerhousemustformulateandimplementproactiveandpreemptivepoliciesalignedwithinternationalshippingregulationsandmarketconditions.1PWCKorea(2023).“InsightsintotheFutureofShippingbySouthKorea,aNewMaritimePowerhouse“p.4,p.6.2AimstoreduceannualGHGemi...
