Ministry of Trade, Industry and Energy

Vice Minister chairs meeting to review prospective NPP export projects

Trade, Industry and Energy Vice Minister Namho Choe chaired a meeting on March 21 at K-SURE in Seoul to review prospective nuclear power plant (NPP) equipment export projects. The Vice Minister led discussions on NPP export prospects, future plans, and promising NPP export projects. Attending the meeting were representatives of public and private sector NPP companies and institutions, including KEPCO, KHNP, Doosan Enerbility and KOTRA. date2024-03-21

Public-private "One Team" gear up to attain KRW 10 tln NPP export target by 2027

Trade, Industry and Energy Vice Minister Namho Choe chaired a meeting on March 21 at K-SURE in Seoul to review prospective nuclear power plant (NPP) equipment export projects, as a follow-up to the ministry’s measures for achieving the KRW 10 trillion in NPP equipment export target by 2027, announced via the 14th public forum held on February 22.   According to the International Atomic Energy Agency (IAEA), 415 NPPs are in operation at present as of March 2024, and demand for NPP equipment is rapidly rising on the backs of the increase in new NPP construction projects and continued operation.   The Korean government established the NPP equipment export stimulation measures in March last year, rendering support from multiple angles, such as expanding the budget for NPP export assistance and establishing trade centers across core export destinations.   The efforts have added up to striking a total of 4.9 trillion won worth of 105 export contracts over the last 20 months since President Yoon Suk Yeol took office, at least six-fold the amount exported through 2017-2021. While winning mega scale projects like the 3 trillion won El Daaba NPP Project in Egypt and 260 billion won tritium removal facility in Romania, Korea has also been exporting single unit equipment, operation and maintenance service, and small modular reactor (SMR) design, which amount to approximately 750 billion won.   To leverage this momentum for expansion, Korea’s public and private sectors have come together to join efforts in achieving the 5 trillion and 10 trillion won export targets for 2024 and 2027, respectively.   Vice Minister Choe stated that the Yoon administration’s initiative for normalizing nuclear policies and strong resolution towards NPP export, coupled with close public-private cooperation, have driven NPP exports over the 4 trillion won mark, and asked that “the public and private sectors join hands as ‘one team’ with strong resolve to reach the 10 trillion NPP export target for 2027.” date2024-03-21

Minister attends seminar on measures for enhancing the potential of CFE sources

Trade, Industry and Energy Minister Dukgeun Ahn attended a seminar on March 15 in Seoul, held to facilitate discussions for enhancing the potential of carbon-free energy sources.   The Minister gave a congratulatory message and led discussions on the measures for transitioning power and industrial processes into a response system against climate change.   The seminar was attended by approximately 200 persons, consisting of representatives from related institutions and organizations, including the CF Alliance Chairman Hoesung Lee and Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup. date2024-03-18

Experts nod at CFE utilization being key to achieving carbon neutrality and industrial competitiveness

Trade, Industry and Energy Minister Dukgeun Ahn attended a seminar on March 15, sponsored by the Ministry of Trade, Industry and Energy (MOTIE) and jointly hosted by the Korea Chamber of Commerce and Industry (KCCI) and the Carbon Free (CF) Alliance, on enhancing the potential of carbon-free energy sources, where vigorous discussions took place on measures for the transition of electrical power and industrial processes into carbon-free processes in response to climate change.   The seminar was attended by numerous key figures of academia, corporations, and research institutes, including the Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup and Korea Institute for Industrial Economics and Trade (KIET) President Ju Hyeon, for discussions on the latest, in-depth discourse on carbon neutrality and related industrial and energy issues.   CF Alliance Chairman Hoesung Lee remarked in his opening address on Korea’s role of initiating the global climate crisis response measures, establishing new international rules and leading the technological diffusion of carbon-free energy utilization.   Participants presented various ideas on related issues: expanding the supply of various carbon-free energy sources like renewables, nuclear energy and hydrogen; developing technologies and providing financial support for reducing the unit price of green hydrogen production; maintaining nuclear energy competitiveness through the development of small modular reactors (SMRs); and measures for achieving carbon neutrality without relying on certain technologies or scenarios.   In accordance with the 28th Session of the Conference of Parties (COP28) to the UNFCCC agreements, participants overall agreed that a wide range of carbon-free energy sources should be proactively utilized and that their potential can be translated to actual power supply capacity for the more effective achievement of carbon neutrality and industrial competitiveness, considering Korea’s industrial structure tilted towards advanced industries and manufacturing.   Minister Ahn remarked that “Carbon neutrality is not a choice for firms, but an essential task for survival and a national task directly linked to industrial competitiveness.” He said that efforts will be made to accelerate the establishment of implementation standards with major countries in supporting companies attain carbon neutrality through the global diffusion of the Carbon-Free Energy (CFE) Initiative. date2024-03-15

Trade Minister meets Chevron’s CCUS General Manager

Minister for Trade Inkyo Cheong met with David Tatum, Chevron’s General Manager for CCUS (carbon capture, utilization and storage), on March 13 in Washington D.C. to discuss investment cooperation in CCS-enabled (blue) hydrogen. date2024-03-15

Minister meets U.S.’ Senior Advisor to President Biden for International Climate Policy

Trade, Industry and Energy Minister Dukgeun Ahn met with John Podesta, the U.S.’ Senior Advisor to President Biden for International Climate Policy, on March 12 at the Lotte Hotel Seoul to discuss measures for cooperation in clean energy transition and supply chain stabilization. date2024-03-14

Minister chairs public-private joint Battery Alliance meeting

Trade, Industry and Energy Minister Dukgeun Ahn held the third public-private joint Battery Alliance meeting on March 11 at Korea Technology Center in Seoul to lead discussions on next-generation battery technology development, development of low-end products, responding to trade issues, self-sufficient supply chain establishment through investment, and building a battery cycle ecosystem, for which he stated that public-private communication and cooperation will be strengthened. Attendees also reviewed domestic and global issues and discussed future response measures.   Attendees consisted of representatives of relevant companies and institutions, including Samsung SDI, SK On, LG Energy Solution, and POSCO Future M. date2024-03-11

12th Korea-Denmark Green Growth Alliance

Trade, Industry and Energy Minister Dukgeun Ahn met Lars Aagaard, Danish Minister of Climate, Energy and Utilities, in Seoul for the 12th Korea-Denmark Green Growth Alliance (GGA) to discuss bilateral cooperation in offshore wind and hydrogen energy and entered a memorandum of understanding (MOU) on new energy industrial cooperation. date2024-03-11

Vice Minister meets UK's Permanent Secretary for the Department of Energy Security and Net Zero

Trade, Industry, and Energy Vice Minister Namho Choe met with the UK's Jeremy Pocklington, Permanent Secretary for the Department of Energy Security and Net Zero, on March 8th in Seoul for the UK-ROK Clean Energy High-Level meeting and held discussions on measures for cooperation in critical minerals, offshore wind power, and clean hydrogen. date2024-03-08

Korea and Denmark hold 12th bilateral Green Growth Alliance to discuss clean energy cooperation

On Friday, 8 March, Minister of Trade, Industry and Energy, Dukgeun Ahn, and Danish Minister of Climate, Energy and Utilities, Lars Aagaard, met in Seoul for the 12th Korea-Denmark Green Growth Alliance (GGA) to engage in constructive discussions on bilateral clean energy cooperation.  Since its inception in 2011, the Green Growth Alliance (GGA) has been a platform to foster bilateral cooperation in sectors including green industry, shipping, and finance through annual ministerial meetings. This year's Green Growth Alliance meeting was centered on discussing clean energy cooperation, with a keen focus on offshore wind and hydrogen. Minister Ahn highlighted Korea's commitment to promoting carbon neutrality by emphasizing the need to mobilize all available carbon-free energy (CFE) sources. Moreover, he expressed his eagerness to collaborate with Denmark, a country renowned for its expertise in carbon neutrality implementation, to raise awareness about the importance of expanding the deployment of carbon-free energy. Both ministers also agreed to expand cooperation in offshore wind power by combining Denmark's extensive expertise in power generation and Korea's strong manufacturing capabilities. In addition, they committed to sharing their relevant experiences, including policy responses to the issue of public acceptance, in an effort to promote offshore wind as a viable pathway towards achieving carbon neutrality. The two countries agreed to expand industrial and technological cooperation on a private level in the hydrogen sector and work together to build a stable and economical global hydrogen supply chain. Denmark, renowned for its advanced wind power technology, is a future green hydrogen producer, and it is envisaged that bilateral cooperation in this field will facilitate the exchange of ideas and expertise and foster a fruitful partnership between the two nations. Furthermore, the two countries renewed the Memorandum of Understanding (MOU) on cooperation in the clean energy and new energy industry to include more areas of cooperation. To this end, both Ministers agreed to strengthen collaboration in hydrogen and energy efficiency. During the Danish minister's visit, the two countries also held the Korean-Denmark Hydrogen R&D Symposium and the Korea-Denmark Offshore Wind Business Conference, in an effort to expand public and private cooperation in key clean energy sectors like hydrogen and offshore wind. date2024-03-08