The new vessel, which is being developed using Hanwha’s proprietary green technology, will be the first of its kind in the industry to be powered entirely by alternative fuels. During his speech at the WEF annual meeting, Kim emphasized the importance of global collaboration to bring such green technologies to fruition and grow market demand. Hanwha has a strong presence in clean energy, with a value chain that covers the production of solar, hydrogen, and wind energy and clean energy storage systems.
Hanwha is adopting a holistic approach to the energy transition to achieve net zero emissions. This involves driving disruptive change in the production, storage, and transportation of clean energy. In a session titled “The First Fossil-Free Ship on the Water,” Hanwha’s plan to develop a carbon-free vessel powered by alternative fuels such as ammonia was shared.
To build a vessel free of carbon emissions, Hanwha is developing an ammonia-powered gas turbine to replace conventional engines. This will eliminate the need for pilot fuel, which is typically required for the ignition of internal combustion engines. Additionally, Hanwha plans to install hydrogen fuel cells with energy storage systems as the vessel’s auxiliary source of power to achieve carbon-free electrification. An integrated ammonia cracker will produce the hydrogen required for the fuel cells on board.
Hanwha also plans to own and operate the green ships to bring the technology to maturity. To support this initiative, Hanwha Ocean joined the World Economic Forum’s First Movers Coalition (FMC) in November 2021. The FMC is a global initiative supported by 13 government partners that represent over 50% of global GDP, aimed at creating guaranteed early markets for advanced technologies within hard-to-abate sectors, including shipping, steel, chemicals, and aviation. As one of the 95 members, Hanwha aims to create new partnerships and pilot programs to build sustained momentum for the adoption and commercialization of greenship technology.
The decarbonization of shipping is seen as integral in the journey to net zero, as nearly 90% of all globally traded goods are shipped by sea, accounting for 3% of global greenhouse gas (GHG) emissions, according to the Organization for Economic Cooperation and Development (OECD). As a strategic partner of the WEF, Hanwha is involved in multiple climate action initiatives.