(LEAD) Hanwha vice chairman unveils path toward decarbonizing shipping at Davos forum

SEOUL, Hanwha Group Vice Chairman Kim Dong-kwan unveiled a vision for the South Korean energy-to-defense conglomerate's decarbonization of maritime shipping and plans to build a zero-emission gas carrier, the group said Wednesday. Kim made the remarks as he delivered a speech at the World Economic Forum's annual meeting in Davos, Switzerland, saying, "The new vessel will be an industry first -- developed using Hanwha's proprietary green technology, powered entirely by alternative fuels." "Hanwha is challenging existing industry frameworks, spearheading new innovations and paving the way for maritime decarbonization," Kim said. "We're taking a holistic approach to the energy transition, driving disruptive change not only in the production and storage of clean energy but in transportation as well," he said. "Advancing green ship technology and establishing a robust clean energy value chain will help us gain ground in our journey toward net zero," Kim said. At a Davos session titled "The First Fossil-Free Ship on the Water," Kim told of Hanwha's plan for the development of a carbon-free vessel powered by alternative fuels, such as ammonia. As existing internal combustion engines require 5 percent to 15 percent pilot fuel for the purpose of ignition, building a vessel free of carbon emissions requires a fundamentally different approach, Kim said. Kim said Hanwha is developing an ammonia-powered gas turbine to replace conventional engines, thus eliminating the need for pilot fuel. To achieve carbon-free electrification, Hanwha also plans to install hydrogen fuel cells with energy storage systems as the vessel's auxiliary power source, the group said. An integrated ammonia cracker will produce the hydrogen required for the fuel cells on board. Kim also announced plans to own and operate the newly developed green ships to bring the technology to maturity as deep-sea vessels are capital-intensive investments. By demonstrating the benefits of green ship technology, Hanwha aims to lower the barriers for shipown er investment and drive demand, Kim said. Source: Yonhap News Agency