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2nd Vice Minister attends G20 Energy Ministers Meeting 2022-09-02

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the G20 Energy Ministers Meeting on September 2 via videoconferencing and discussed cooperation measures to expand clean energy and expressed support for the joint communiqué on accelerating clean energy.

Participant nations agreed that the global energy market was becoming more fraught with uncertainties and the need for supply chain and security is rising. Moreover, they discussed technological development, support for energy access of the disadvantaged, as well as investment and financial assistance in clean energy expansion.

Vice Minister Park assessed that the global energy market is facing a major challenge in its response to energy and climate security, and relayed South Korea’s energy policy plans under its new regime.

Korea’s new energy policies will focus on utilizing nuclear energy as an important fuel source to strengthen energy security and achieve carbon neutral, while also continuously aiming for technological development and broadening the supply of renewables, hydrogen and clean energy.

In terms of financing and investment, Korea created a KRW 500 billion hydrogen fund in July and is engaging investment projects. The Vice Minister emphasized the need for an international cooperation system to reinforce the supply chain of critical minerals, which are crucial for producing EVs and batteries.

During the meeting, G20 member states exchanged views on continued cooperation in reaching carbon neutral goals and clean energy acceleration through data sharing and mutual understanding.