Since the Industrial Revolution, carbon dioxide (CO2), a major component of greenhouse gases (GHGs), has seen a rapid increase in atmospheric concentration, surpassing 400 ppm as of the year 2020. The maritime sector accounts for approximately 2.89% of global carbon emissions. In response, the International Maritime Organization (IMO), MEPC 80th meeting in July 2023, strengthened its CO2 and GHG reduction strategy, aiming for a 70% and Net-Zero reduction respectively (compared to 2008 levels) by 2050.

Furthermore, the European Union (EU) has taken more stringent measures than the IMO, pressuring it with the 'Fit for 55' legislative package. This includes the integration of the maritime sector into the Emission Trading Scheme (ETS) from 2024 and the establishment of the FuelEU Maritime regulation, mandating the use of eco-friendly fuels. Beyond international regulations, stakeholders such as shippers, shipowners, and the financial sector are also setting greenhouse gas emission standards from an Environmental, Social, and Governance (ESG) perspective, imposing penalties. The reduction of greenhouse gas emissions from ships is now becoming a crucial issue for the maritime industry's survival.

To assist shipowners in formulating future plans amid various uncertainties surrounding compliant ship fuels and propulsion systems, the Korea Classification Society, in collaboration with Seoul National University and the Korea Institute of Energy Research, has published a technical document titled 'Current Status and Prospects of Methanol as a Ship Fuel.' This document analyzes the characteristics of methanol, technology for methanol-powered ships, regulations and standards related to methanol in shipping, bunkering infrastructure, and performs a relative comparison with other alternative fuels, providing valuable insights based on current information and assumptions.

General Manager of System Safety Research Team