The Korean Register of Shipping (KR) (an IACS member classification society) and the Busan Port Authority (BPA) (the fifth largest container port in the world) have signed a memorandum of understanding (MoU) to cooperate on environmental initiatives and other maritime activities. The MoU allows both parties to cooperate and consult on the development of an evaluation index for eco-friendly ships and green ship verification services. Cooperation will also extend to new and renewable energy sectors such as solar and wind energy as well as initiatives for assisting local business expansion.