This seminar marks the continuation of a collaboration that began during London International Shipping Week 2023, where the UK Chamber of Shipping signed a memorandum of understanding with the Korean Shipowners Association to promote and strengthen mutual efforts.

During the morning panel, Chamber Policy Director (Commercial and Governance) Katrina Ross shared insights on the shipping industry's transition to net zero, offering a UK perspective on the importance of sustainability disclosures, GHG pricing, and the role of finance in this journey.

Katrina placed emphasis on a few key points:

• Sustainability disclosures, while important, offer only partial insights into the journey to net-zero, providing snapshots of progress, risks, and opportunities rather than a comprehensive solution.
• GHG pricing is effective only when part of a broader strategy that includes various net-zero incentives, addressing both demand and supply factors. A global GHG pricing mechanism, alongside international regulation, is crucial to ensure fair competition in the shipping industry.
• The flow of capital required for the shipping industry's net-zero transition hinges on implementing this holistic approach, combining disclosures, pricing, and regulatory support.

As part of her trip to Korea, Katrina enjoyed a tour of the Busan new port, which was kindly offered by the Korean Ministry of Oceans and Fisheries.

The UK Chamber of Shipping is grateful to the Korean Shipowners Association and the Korean Ministry of Oceans and Fisheries for hosting them and looks forward to future collaborations.