DNV to Cooperate on Verification of Green Ships with Korea Finance Corporation

On 15 June 2011, DNV signed a MoU with the Korea Finance Corporation (KoFC) to cooperate on verification of the green ships.
Earlier this month, Korea Finance Corporation has announced the green ship finance plan that incentives including a form of lower interest rates on loans will be provided to the ship owners who obtain the vessels designed to reduce emissions. In order to qualify for this financial incentives, the vessels must be built using technologies to reduce air pollutants (e.g. Nox, Sox., etc), CO2, or GHG.
“KoFC’s Green Ship Program will be an encouraging strategy to bring Korean maritime industry closer to taking substantive actions toward reducing environment emissions and help expedite the development of environmentally friendly ships. It is also a golden opportunity for DNV to help Korean maritime industry players taking a step further into this green movement and support them on various green-technology issues,” said Paal Johansen, Regional Manager for DNV in Korea & Japan.
Korea Finance Corporation is the first financial organization in South Korea to run a ship finance program to boost the environmental friendly movement.
KOFC (Korea Finance Corporation)
Wholly owned by the Korean government, KoFC maintains and intensifies the role as an advanced policy-based finance institution. Korea Finance Corporation was established as a financial institutions for money brokerage and assist small and medium enterprises to raise funds easily and by supplying and managing funds required for the growth of national economy, such as the development of regions, the extension of social infrastructure, the development of new growth engine industries, the stabilization of financial markets, and the facilitation of sustainable growth.