We hope that
the KR Decarbonization Magazine can serve
as a platform for fostering
communication and collaboration.

The eyes of the maritime industry were on the 80ᵗʰ session of the Marine Environment Protection Committee (MEPC), held from 3 to 7 July. The session saw the adoption of the ‘2023 IMO Strategy on Reduction of GHG Emissions from Ships’, which reaffirms the IMO’s ambitions to reach net-zero GHG emissions by or around, i.e. close to 2050 taking into account different national circumstances. Indicative check points for 2030 and 2040 were suggested as milestones along the way. The selection of a GHG Fuel standard and a timeline for the further adoption of mid-term measures were agreed. Although there were intense debates due to geopolitical factors among member states, it was an opportunity to reaffirm the shipping industry’s commitment to achieving full decarbonization.

The impact of each IMO decision on the industry is profound, and the industry’s response must be completely different. In this summer edition, we have summarized the key discussions of the MEPC 80 through regulatory updates. In the subsequent autumn edition, we will publish an analysis of the more detailed decisions and their impact on the shipping industry. We invite you to follow these developments with interest.

Shipowners need to proactively consider various technological and operational measures to prepare for the strengthening GHG policies by the IMO and the EU. However, choosing among a plethora of technologies is no easy task. The most important factors in this selection process are practical feasibility, economic viability, and sufficient flexibility to adapt to future uncertainties. In this edition, we introduce shipowners to a range of options available for complying with GHG regulations. These options encompass practical methods to enhance the Carbon Intensity Indicator (CII) of existing vessels, the introduction of energy-saving devices along with considerations for their selection, as well as stepwise phased response strategies. We hope this will serve as a valuable reference for shipowners in devising appropriate measures.

As the adoption of diverse and innovative technologies is necessary, it also entails potential risks. To address these conflicting issues, KR has issued guidelines for assessing the suitability of new technologies, known as ‘New Technology Qualification.’ Through this initiative, we aim to actively support the effective adoption of new technologies while ensuring the safety of ships. Furthermore, KR hosted an international conference on wind-assisted propulsion in Pusan, bringing together developers and shipowners from Europe and Korea, which has gained prominence as a new energy saving device. Additionally, we held a seminar on methanol propulsion, an alternative fuel that is receiving increased attention, covering its production, supply, ship application, and prospects. We have also been engaged in various activities, including granting Approval in Principle (AIP) to domestic shipyards for methanol-fueled ships and LCO₂ carriers at the 2023 International Maritime and Marine Industry Exhibition in Oslo, Norway.

Many experts argue that there is no definitive answer yet to the question of the best way to respond to decarbonization. However, one thing is certain: finding the best answer is impossible without effective communication and collaboration. As the shipping industry faces significant challenges from the IMO this summer, we hope that KR Decarbonization Magazine can serve as a platform for fostering communication and collaboration.