Ministry of Trade, Industry and Energy

Vice Minister speaks at Summertime Energy Saving Campaign

Vice Minister Namho Choe attended the Summertime Energy Saving Citizen Campaign launching ceremony on July 10 in Seoul for promoting energy saving efforts.   The ceremony was held with the participation of roughly 80 persons, including representatives of public energy companies, economic groups, and the general public, including Korea Electric Power Corporation (KEPCO) and Korea NGO's Energy Network (ENET). date2024-07-11

Vice Minister attends POSCO International’s Gwangyang LNG Terminal completion ceremony

Vice Minister Namho Choe attended POSCO International’s Gwangyang LNG Terminal completion ceremony on July 9 in South Jeolla Province and gave a congratulatory message.   The ceremony was held with the attendance of representatives of local authorities, related institutions, and companies, including Korea Gas Corporation (KOGAS). date2024-07-09

Vice Minister attends completion ceremony of POSCO International's Gwangyang LNG Terminal

Vice Minister Namho Choe attended the completion ceremony of POSCO International’s Gwangyang LNG Terminal No. 1 on July 9, held in South Jeolla Province.   The KRW 1.05 trillion Gwangyang LNG Terminal project commenced in 2002 as the first private-led LNG terminal, housing six LNG tanks (930,000kl), 680 metric tons per hour gasification and transmission facilities, as well as port facilities capable of berthing a 180,000m3 LNG carrier.   In his congratulatory message, Vice Minister Choe mentioned plans to foster an environment for creating nationwide synergy through mutual cooperation and competition between the Korea Gas Corporation (KOGAS) and the private sector.   The Ministry of Trade, Industry and Energy (MOTIE) aims to launch a deliberative committee in the latter half of this year to support the objective and fair decision process regarding the use of pipelines and controlling the natural gas charge volume per terminal. date2024-07-09

Vice Minister chairs Renewable Energy Policy Meeting

Trade, Industry and Energy Vice Minister Namho Choe chaired the Renewable Energy Policy Meeting on July 3 in Seoul with participation of 40 attendees consisting of government officials, local authorities, and related institutions, and announced the ministry’s measures for invigorating solar power generation across industrial complexes, then discussed renewable energy distribution strategies, demonstration projects, and local issues. date2024-07-04

Solar power distribution blueprint built around Korea's industrial complexes

Trade, Industry and Energy Vice Minister Namho Choe chaired the Renewable Energy Policy Meeting on July 3 and announced the ministry’s measures for invigorating solar power generation across industrial complexes as part of implementing the previously announced strategy for expanding renewable energy distribution and bolstering supply chains.   As the demand for carbon-free energy sources is on the rise, the Korean government is pushing for an orderly distribution of renewable energy sources in addition to nuclear power. In realizing the distribution of 6GW per annum in accordance with the 11th Basic Plan on Electricity Supply and Demand, some of the existing challenges include power system stabilization and local residents’ receptivity issues. In view of these challenges, the Ministry of Trade, Industry and Energy (MOTIE) is eyeing the industrial complexes as candidate sites, as they are low in residential population and undergo planned development. Industrial complexes are also highly concentrated with companies and consume large quantities of power.   In this vein, MOTIE has established measures for invigorating the distribution of 6GW solar power installed across industrial complexes by 2030. The plan is to provide tailored support spanning the entire process of securing site location, licensing, and facility operation. Project and investment briefings will be held to draw the participation of tenant businesses. Business models are to be determined in detail through consultations. In the licensing stage, real-time information sharing will be available, and the overall licensing process will be shortened. At the management stage, the goal is to secure stability through organized maintenance.   The Government will also strengthen the role of the public sector for an orderly distribution of solar power. A committee consisting of members from the Government, local authorities, and related institutions will steer public demonstration projects and site location. This year, demonstration projects amounting to an aggregate 240MW will be launched across industrial clusters in Cheonan, Daebul, Ulsan, and Pohang. Committee members will seek measures to include the joint participation of plant owners and workers.   Vice Minister Choe remarked that “Korea’s industrial clusters are the optimal sites for orderly solar power distribution,” adding that the ministry will aim to carry out a cost-effective distribution centering on state-led projects. date2024-07-04

Minister Ahn speaks at Korea-U.S. Clean Energy Forum

Trade, Industry and Energy Minister Dukgeun Ahn is speaking at the Korea-U.S. Clean Energy Forum on June 25 in Washington D.C., which was attended by U.S. Deputy Secretary of Energy David Turk and representatives of related institutions and energy companies. date2024-06-27

Korea and U.S. to expand clean energy cooperation

The U.S.-ROK Clean Energy Forum was held at the Marriott Marquis Hotel in Washington, D.C., on June 25 as a part of both nations' dedication to accelerating the clean energy transition, expanding clean electricity deployment and building clean energy economies, which the two leaders agreed upon in April last year. About 80 participants from the two governments, industry, academia, and research attended the forum.   The thematic sessions covered advanced battery technology development and demonstration, energy storage systems (ESS) to expand clean electricity; clean energy investment and financing; electricity power grid innovation for a reliable, resilient, stable, and affordable system; and commercialization and deployment of clean hydrogen technologies, including mobility, supply chain, and certification. These discussions among government officials and experts from industry, academia, and laboratories illuminated the vast opportunities and challenges for bilateral cooperation in each of these areas, painting a promising picture for the future of clean energy.   In his congratulatory address, Minister Dukgeun Ahn reiterated the importance of the forum, stating that "We have a valuable opportunity to unlock further potential for Korea and the United States to engage in mutual efforts towards a clean energy future while the Korean private sector has responded to the attractive IRA incentives by investing in the United States." He also proposed to "regularize the U.S.-ROK Clean Energy Forum and continue the energy policy dialogue at the Ministerial level. By strengthening our energy cooperation, I am confident that we can achieve energy security and address the climate crisis facing our world together."   date2024-06-27

Trade Minister attends Global Net Zero Connection 2024

Minister for Trade Inkyo Cheong attended Global Net Zero Connection 2024 on June 24 in Seoul and signed the cooperation MOU on greenhouse gas (GHG) emission mitigation with the Cambodian Ministry of Environment and Bangladeshi Ministry of Environment, Forest and Climate Change for uncovering joint GHG reduction projects and developing procedures and standards for transferring mitigation outcomes.   Trade Minister Cheong gave a welcome address to the 160 attendees at the event, composed of representatives from Cambodia, Bangladesh, Laos, Kenya, Ghana, Sri Lanka, and Uzbekistan, as well as CEOs of Korean and overseas companies. date2024-06-26

Minister Ahn meets Deputy Secretary of U.S. Department of Energy

Trade, Industry and Energy Minister Dukgeun Ahn met with Deputy Secretary of the U.S. Department of Energy David M. Turk on June 25 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed measures for stronger Korea-U.S. energy cooperation. date2024-06-26

Connecting efforts for GHG mitigation, Global Net Zero Connection 2024 launches in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) is hosting Global Net Zero Connection 2024 from June 24–25 in Seoul for discussing measures on reducing greenhouse gas (GHG) emissions with Cambodia, Bangladesh, Lao PDR, Kenya, Ghana, Sri Lanka, and Uzbekistan.   Launched to accelerate GHG mitigation efforts worldwide, Global Net Zero Connection 2024 will be running a policy forum, one-on-one business meetings, and intergovernmental bilateral talks with the participation of 60 domestic and overseas companies and the above seven countries’ government institutions.   In his opening address, Minister for Trade Inkyo Cheong emphasized the need for strengthening cooperation and uncovering joint projects in achieving the global goal of GHG mitigation and vowed support for partner countries’ efforts to establish relevant laws and nurture related capacity.   On the margins of the event, MOTIE will enter memorandums of understanding (MOUs) on GHG reduction cooperation with the Cambodian Ministry of Environment and Bangladeshi Ministry of Environment, Forest and Climate Change, following its MOUs with Vietnam and Indonesia sealed in June of 2023 and 2024, respectively. The MOUs focus on uncovering joint GHG reduction projects and developing procedures and standards for transferring mitigation outcomes.   At present, MOTIE is running four demonstration projects on international GHG mitigation and plans to support additional demonstration projects and feasibility study projects. date2024-06-24