Ministry of Trade, Industry and Energy

Korea and Japan gear up joint efforts to catalyze carbon-free energy utilization

Korea’s Director General for Energy Policy Choi Yeon-woo at the Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Director General for International Policy on Carbon Neutrality Kihara Shinichi at the Ministry of Economy, Trade and Industry (METI) jointly held the Korea-Japan Energy Policy Dialogue today on the sidelines of the World Climate Industry EXPO (WCE 2024) in Busan.  In view of Korea and Japan’s high dependence on energy import and similarities in the energy supply and consumption structure, the two sides acknowledged the need to bolster energy security and carbon neutrality response amid the recently unstable global energy market and supply chain crises, agreeing to closely cooperate on expanding clean energy, such as hydrogen, ammonia, and offshore wind power. They also discussed plans for launching a global working group to accelerate the utilization of carbon-free energy sources and shared views regarding the collaboration between Korea’s Carbon Free Energy (CFE) Initiative and Japan’s Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Electricity Initiative (ICEI), the two countries’ respective clean energy campaigns. In April this year, the two sides held bilateral trade and industry ministerial talks, where they agreed to cooperate through the CFE Initiative to achieve carbon neutrality. Furthermore, they reaffirmed their role as co-leads of the global working group to be launched on the margins of the Clean Energy Ministerial (CEM) slated for October 2024 in Brazil and decided to discuss related issues in detail. With aim to promote carbon-free energy sources for electricity (Scope 2) based on mutual collaboration between the CFE Initiative and ICEI, the two sides exchanged joint measures to this end, such as encouraging IPEF member countries’ participation in the initiative, creating a guidebook for clean electricity procurement companies, and hosting joint seminars. Lastly, the director generals concurred on the importance of utilizing diverse and realistic means to achieve carbon neutrality in recognition of countries’ varying energy situations and industrial conditions, agreeing to further discussions on cooperation measures for carbon neutrality.   date2024-09-05

Trade Minister Cheong and U.S. thinktank leader discuss Korea’s response measures to global uncertainties

Korea’s Minister for Trade Inkyo Cheong met with Woodrow Wilson International Center (“Wilson Center”) President and CEO Mark Green today and discussed response measures for Korea in the midst of intensifying geopolitical uncertainties and rising protectionism across the trade landscape in this super election year. The Wilson Center is a U.S.-based thinktank and a renowned source of various ideas in establishing U.S. foreign policies. It is considerably interested in U.S.’ cooperation with Korea and the Indo-Pacific region. The bilateral talks were convened on the margins of President Green’s visit to Korea to discuss cooperation with business leaders of Korea and Japan through a trilateral Korea-U.S.-Japan meeting. Trade Minister Cheong conveyed Korea’s interest in the coming presidential elections and ensuing U.S. foreign policy shifts, highlighting that their bilateral alliance is critical and requires close cooperation in areas of industry, economy, diplomacy and national security, irrespective of election outcomes. With regard to future policy recommendations, he requested that the Wilson Center consider Korean companies’ increased investments and trust in the U.S. government, while also taking account of the international relations of U.S. allies. They further discussed the possible impact from key trade issues, such as the U.S.’ additional tariff measures on Chinese-origin goods, the Russia-Ukraine war, and energy supply chain anxieties caused by Middle East tensions and exchanged views on Korea’s response measures.   date2024-09-05

Trade Minister Cheong and ASEAN Deputy Secretary General discuss bilateral economic cooperation

Minister for Trade Inkyo Cheong met Deputy Secretary General for ASEAN Economic Community Satvinder Singh on September 4 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, where he introduced Korea’s pan-ministerial Trade Policy Roadmap (“Roadmap”) and discussed measures for bilateral economic cooperation. Deputy Secretary General Singh held high regard for the Roadmap’s emphasis on the Korea-ASEAN Solidarity Initiative (KASI) and on wider cooperation with the Global South as proposed measures to expand the Korea-ASEAN economic cooperation. He also expressed hopes for tangible outcomes from the ongoing Korea-ASEAN joint projects, such as those for official development assistance (ODA), standards cooperation, and electrical safety management. In commemoration of this year marking the 35th anniversary of the establishment of the Korea-ASEAN dialogue relations, Trade Minister Cheong shared that efforts will continue to advance their comprehensive cooperation across economy, society, and culture, while trade policies will concentrate on expanding and strengthening concrete cooperation with ASEAN, a key region of the Global South. The bilateral talks were held with the objective of reviewing outcomes of the existing Korea-ASEAN economic cooperation and future directions in preparation for the Korea-ASEAN Economic Ministers’ Meeting slated for this September in Vientiane, Laos.   date2024-09-05

CFE Summit spurs experts’ discussions on measures for global diffusion of carbon-free energy

The Ministry of Trade, Industry and Energy (MOTIE), International Energy Agency (IEA), Korea Chamber of Commerce and Industry (KCCI), and the CF Alliance launched the CFE Summit today at the Busan Exhibition and Convention Center (BEXCO) with the participation of high-level figures, experts, and business leaders from around the world. Part of the World Climate Industry EXPO (WCE 2024) held under the theme of "Ushering in a Carbon-Free Energy (CFE) Era with Climate Technology,” the CFE Summit consisted of the CFE Leaders Roundtable, Korea-IEA Forum, and the CFE Initiative. The CFE Leaders Roundtable was attended by MOTIE’s Vice Minister Namho Choe, KCCI Chairman Chey Tae-won, IEA Executive Director Fatih Birol, Busan Mayor Park Heong-Joon, CF Alliance Chairman Lee Hoe-sung, and Presidential Commission on Carbon Neutrality and Green Growth Co-Chairperson Kim Sang-hyup, alongside the representatives of 30 embassies to Korea, 24 national delegations, and those of 10 international organizations and companies. Korean Prime Minister Han Duck-soo shared a video message highlighting that carbon-free energy sources, in view of their eco-friendliness and stability, are the solution to dealing with the rising power demand across AI and advanced industries. He pledged that the Government will increase the share of carbon-free energy sources in Korea’s energy mix from 40 percent (as of 2023) to 70 percent by 2038, legislate special laws on power grid expansion, and give full measure to facilitating the R&D of core technologies and manpower training. Next, the Korea-IEA Forum jointly organized by MOTIE and IEA was attended by IEA Executive Director Fatih Birol, MOTIE’s Vice Minister Namho Choe, Japan’s Director General for International Policy on Carbon Neutrality Kihara Shinichi at the Ministry of Economy, Trade and Industry (METI), IEA Chief Energy Economist Tim Gould, and representatives of 20 embassies to Korea. IEA Executive Director Fatih Birol gave a congratulatory message stating that it is essential to harness all technologies and energy sources, including nuclear, clean hydrogen, and CCUS (carbon capture, utilization, and storage) in attaining carbon neutrality by 2050, underscoring that the CFE Initiative is a good example of the necessary leadership for maintaining energy security while also realizing climate goals.  Vice Minister Choe also gave a congratulatory speech forecasting that the carbon-free energy joint statement issued by Korea and IEA will help accelerate the CFE Initiative’s global diffusion and carbon neutrality achievement by 2050. The panel discussion had experts exchange views on financial models for supporting carbon-free energy technologies, clean hydrogen expansion, and carbon-free energy cooperation in the APEC region. Lastly, the CFE Initiative Conference organized by the CF Alliance was attended by CF Alliance Chairman Lee Hoe-sung, India’s The Energy and Resources Institute (TERI) Director General Vibha Dhawan, President and CEO of Korea Hydro & Nuclear Power (KHNP) Whang Joo-ho, and IEA Chief Energy Economist Tim Gould, among approximately 1,000 global experts. During talks with CF Alliance Chairman Lee Hoe-sung, TERI Director General Vibha Dhawan maintained that Korea should contribute to mitigating the clean energy technology gap between advanced and developing countries through the CFE Initiative and decarbonization based on its leadership in clean energy technology and climate crisis response. In the subsequent panel discussion, experts opined that the CFE Initiative is a public-private cooperative system through which private sectors’ various carbon neutrality needs can be incorporated into the government support programs. They called for the prompt establishment of CFE implementation standards and shared the anticipation that factoring in major industries’ respective characteristics date2024-09-05

Experts share technology and future prospects at Clean Hydrogen International Forum

The Ministry of Trade, Industry and Energy (MOTIE), Korea Hydro and Nuclear Power (KHNP) and H2KOREA are launching the Clean Hydrogen International Forum (“Forum”) as a special program on the margins of the World Climate Industry EXPO (2024 WCE) through September 4–5 at the Busan Exhibition and Convention Center (BEXCO). Held to take stock of the clean hydrogen industry and discuss future development measures, the Forum is expected to serve as an opportunity for spreading awareness of the need for clean hydrogen and strengthen global cooperation in relevant areas. Roughly 150 hydrogen experts from around the world gathered at the Forum’s opening ceremony, including representatives from the International Renewable Energy Agency (IRENA) and the International Atomic Energy Agency (IAEA) to give keynote speeches on the global trends and future prospects of clean hydrogen. The second day will have global hydrogen firms, including the Norwegian company Nel, and major institutions like the U.S.’ Fuel Cell & Hydrogen Energy Association (FCHEA) share clean hydrogen production demonstrations and progress updates on hydrogen projects, followed by a panel discussion.   date2024-09-04

Korea secures fresh graphite supply chain by inking investment deal on Tanzania’s Mahenge Project

The Ministry of Trade, Industry and Energy (MOTIE) announced that POSCO International signed a USD 40 million equity investment deal with Australia's Black Rock Mining Limited (BRM), which has an 84% interest in the Mahenge Graphite Project in Tanzania, during the Korea-Australia Economic Cooperation Committee on September 3 in Perth. Attending the investment signing ceremony were Korea’s Minister for Trade Inkyo Cheong, Australia’s Minister for Resources and Minister for Northern Australia Madeleine King, and POSCO Group Chairman Jang In-hwa, who also chairs the Korea-Australia Economic Cooperation Committee. The investment agreement is a part of MOTIE’s aims to effectively secure critical minerals in accordance with the ministry’s strategy announced in February last year, and the culmination of its collaboration with businesses to establish a graphite supply chain. In addition to the previous $7.5 million investment made by POSCO Holdings, the investment deal gives POSCO Group a total of 19.9 percent share in BRM. POSCO Group’s deal with the Australian graphite developer secures the Korean conglomerate 30,000 metric tons starting in 2026 and another 30,000 tons starting in 2028, adding up to 60,000 tons per annum. This natural graphite quantity is sufficient for producing 1.26 million units of electric vehicles (EVs) each year, heightening the prospects of diversifying the graphite supply chain and mitigating associated risks. Trade Minister Cheong stated that the investment deal is symbolic of the solid economic cooperation between Korea and Australia and has established a new turning point for Korea in stabilizing the graphite supply chain and overcoming various limitations. He mentioned the Government’s plans to offer tax and other financial incentives going forward in order to lower corporate risks.   date2024-09-04

Minister Ahn and bipartisan U.S. lawmaker group discuss stronger Korea-U.S. economic cooperation

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held a luncheon meeting with a bipartisan group of U.S. lawmakers today in Yeouido, Seoul, and discussed measures for stronger Korea-U.S. cooperation in advanced industries and other wide-ranging areas. Led by Republican Senator Bill Hagerty from Tennessee, the group consisted of seven U.S. Senators, including Republican Senator Katie Britt from Alabama, Republican Senator Dan Sullivan from Alaska, Democratic Senator Chris Coons from Delaware, Democratic Senator Gary Peters from Michigan, Republican Senator Eric Schmitt from Missouri, and Republican Senator John Thune from South Dakota. Minister Ahn remarked that amid recently intensifying changes in the global economy, Korea and the U.S. can secure both national prosperity and global supply chain stability through continued bilateral cooperation. He also highlighted the need for the two economic partners to solidify their shared understanding through various channels across diverse areas based on close communication and trust. Moreover, the minister noted that Korean businesses have sharply increased investments in the U.S.’ advanced industries like semiconductors, batteries, and electric vehicles (EVs), playing a major part in nurturing the U.S.’ industrial ecosystem. Requesting interest and support at the Congress-level, he asked that U.S. trade policies be carried out in ways favorable to Korean businesses in the local market so that Korean firms can further contribute to strengthening the U.S. supply chain while maintaining smooth business operations.   date2024-09-03

Korea and Bulgaria enter MOU on bilateral energy cooperation

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn met Bulgaria's caretaker Minister of Energy Vladimir Malinov today in Seoul to sign a memorandum of understanding (MOU) on energy cooperation and discuss measures for collaboration in nuclear power and other energy areas. They first acknowledged the importance of bilateral cooperation in strengthening energy security and expanding clean energy in view of frequent climate anomalies and persisting geopolitical uncertainties, such as the Middle East tensions and the Russia-Ukraine war. Minister Ahn highlighted that prospects for bilateral cooperation are high, as Bulgaria is actively harnessing clean energy sources like nuclear power (35 percent of power generation) and renewables (20 percent), while Korea is accelerating efforts to attain energy security and carbon neutrality based on carbon-free energy sources. He added that he looks forward to seeing today’s talks act as a catalyst for invigorating the Korea-Bulgaria energy collaboration. On the occasion of the talks, the two sides entered an energy cooperation MOU to enhance cooperation across areas of common interest. A wholly amended version of the energy cooperation MOU previously sealed in 2019, the fresh MOU extends the scope of bilateral cooperation by adding liquefied natural gas (LNG), energy storage, and supply chains to the existing areas of cooperation. In addition, it further specifies the areas of cooperation for nuclear energy, including nuclear new build, continued operation, decommissioning, radioactive waste management, small modular reactors (SMRs), and manpower training. Minister Ahn also introduced the Korean government’s Carbon Free Energy (CFE) Initiative, which aims for the effective achievement of carbon neutrality through the utilization of various carbon-free energy sources, and asked Bulgaria’s support and interest in its global diffusion.   date2024-09-03