Hyundai Merchant Marine (HMM) has signed a Memorandum of Understanding (MoU) with PANASIA to collaborate on onboard carbon capture system for vessel application.
Onboard carbon capture system is an advanced technology to capture CO2 from greenhouse gas emissions generated during vessel operation, ensuring it is not emitted into the atmosphere.
The companies believe this solution has the potential to play a significant role in reducing CO2 emissions.
Under the MoU, both parties will perform a feasibility study, economic analysis and risk assessment. The handling process of captured CO2 will be one of the vital areas of study.
Based on research findings, HMM is expected to install the carbon capture system and perform an operational test on its vessels.
“Carbon capture technologies are one of the alternatives in support of the net-zero ambitions of the global community,” said Kim Gyou-bong, HMM Chief Maritime Officer.
“We will continue to participate in collaborative partnerships to develop onboard carbon capture solutions on our pathway to carbon neutrality”.
HMM set its target of reaching net-zero carbon emissions across its entire fleet by 2050.
In July, HMM outlined its KRW 15 trillion ($11.45 billion) growth plan to become a global top-rated shipping and logistics company.
HMM will expand its service network with an eco-friendly container fleet of 1.2 million TEU by 2026.