Ministry of Trade, Industry and Energy

Companies at the forefront of nurturing Korea's CCUS industry

The Ministry of Trade, Industry and Energy (MOTIE) held a conference on February 15 in Seoul to facilitate communication with companies, local governments and other institutions to explain the Carbon Dioxide Capture, Utilization and Storage Act (CCUS Act), promulgated on February 6, and shared the future direction and plans regarding its subordinate legislation that concern detailed support measures, which are of intense interest for companies. Companies and local governments in turn offered various opinions on their expectations of the legislation and need for government support.   At the conference, Korea Western Power Co. proposed the need for streamlining the licensing procedures required for installation and operation of carbon capture facilities and Korea Gas Corporation (KOGAS) reported that there exist various grounds to support demonstration project execution and special exemptions under the CCUS law and requested a higher level of receptivity in subordinate legislation. SK E&S proposed the need for government-led active support for international cooperation for cross-border CCS as well as bold incentives for the swift development of the infant industry. Chungcheongbuk-do representatives stated that the subordinate legislation should specify specific support measures for integrated complexes.   MOTIE officials responded that a wide range of opinions offered by companies and institutions are to be amply considered and incorporated into the subordinate legislation and emphasized that communication channels like public hearings will be continued in view of the high level of interest shown by companies through this conference. date2024-02-15

Vice Minister attends IEA Ministerial Meeting Government-Industry Dialogue

Trade, Industry and Energy Vice Minister Namho Choe attended the IEA Ministerial Meeting for dialogue between governments and industries (critical minerals session) on February 14 at the OECD Headquarters in Paris and engaged in discussions on measures for strengthening energy security and the critical minerals supply chain as a prerequisite for clean energy transition. date2024-02-15

Vice Minister meets with Canada’s Deputy Minister of Natural Resources

Trade, Industry and Energy Vice Minister Namho Choe met with Canada’s Deputy Minister of Natural Resources Michael Vandergrift on February 14 in Paris on the sidelines of the IEA Ministerial Meeting to discuss measures for wider cooperation in clean energy, including critical minerals, hydrogen, and SMR. date2024-02-15

Vice Minister meets with IEA Executive Director

Trade, Industry and Energy Vice Minister Namho Choe met with Fatih Birol, Executive Director of the International Energy Agency, on February 13 in Paris on the sidelines of the IEA Ministerial Meeting to discuss Korea-IEA CFE cooperation and measures for expanding clean energy utilization. date2024-02-15

IEA Ministerial Communique, the first to recognize the role of nuclear energy to address the climate crisis and improve energy security

International Energy Agency(IEA) Ministerial Communique, the first to recognize the role of nuclear energy to address the climate crisis and improve energy security   - Vice Minister Namho Choe met with IEA Executive Director Dr. Fatih Birol at the 2024 IEA Ministerial - IEA and Korea agree to launch a joint study on carbon-free energy   On February 14th, Vice Minister Namho Choe from the Ministry of Trade, Industry and Energy (MOTIE) attended the IEA Ministerial in celebration of the IEA’s 50th anniversary. During this Ministerial meeting, IEA Member States reaffirmed their dedication to deploying clean energy and ensuring energy security. Member States adopted the IEA Ministerial Communiqué, which is the first-ever multilateral agreement that recognizes the crucial role of nuclear power as a clean source to reduce dependence on fossil fuels. Additionally, the Communiqué emphasizes the need to accelerate the deployment of various carbon-free energy technologies tailored to national circumstances and choices. This achievement is significant for many countries, including Korea, which is dedicated to achieving carbon neutrality.   Moreover, governments, industries, academies, and experts participating in the IEA Ministerial engaged in a substantive discussion on accelerating global transitions. Korea presented its dedication to contributing to the global clean energy transition in light of its excellent commercialized carbon-free energy technologies and manufacturing-skilled industries.   Vice Minister Namho Choe met with IEA Executive Director Dr. Fatih Birol at the margins of 2024 IEA Ministerial and expressed their commitment to continued cooperation for a sustainable energy future.   The IEA and Korea have agreed to intensify collaboration through a joint study on carbon-free energy utilization conditions in major countries this year. “To achieve net-zero emissions by 2050, the world needs to rapidly improve energy efficiency and accelerate the deployment of carbon-free technologies, including renewables, hydrogen, ammonia, CCUS and nuclear power in those countries that choose to use it. Against this backdrop, I hope the joint study we are doing with Korea on carbon-free energy will be a useful input to guide countries towards their energy and climate goals.” Dr. Fatih Birol said. “I look forward to further deepening our partnership with Korea following the extremely productive exchange we had today.”   “Korean companies possess a competitive edge in the manufacturing technology of various clean energy fields, including batteries, semiconductors, nuclear power, renewable energy, and hydrogen. It is the unwavering commitment of Korea to contribute to establishing global energy security and accelerating the transition towards clean energy”, Vice Minister Choe stated, “I would like to express my appreciation for Dr. Birol’s leadership in guiding our responses through the energy crisis and for his dedication to ensuring that the IEA plays a key role in sustaining the global transition towards clean energy.”   date2024-02-15

Vice Minister meets with Japan's Economy, Trade and Industry State Minister

Trade, Industry and Energy Vice Minister Namho Choe met with Japan’s State Minister of Economy, Trade and Industry Kazuchika Iwata on February 13 in Paris on the occasion of the IEA Ministerial Meeting and discussed bilateral cooperation in energy areas, including carbon-free energy, hydrogen and ammonia and critical minerals. date2024-02-14

Vice Minister meets with Germany’s Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action

Trade, Industry and Energy Vice Minister Namho Choe met with Stefan Wenzel, Germany’s Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action, on February 13 in Paris on the sidelines of the IEA Ministerial Meeting to discuss measures for carbon-free energy cooperation and for expanding bilateral energy cooperation. date2024-02-14

Vice Minister hosts CFE Roundtable

Trade, Industry and Energy Vice Minister Namho Choe held the Carbon-Free Energy (CFE) Roundtable on February 13 in Paris on the occasion of attending the International Energy Agency Ministerial Meeting from February 13-14 to share views on the Carbon-Free Energy (CFE) Initiative with representatives of seven countries (Canada, Japan, the Netherlands, UK, etc.) and IEA and discussed measures on international cooperation for diffusing the utilization of carbon-free energy sources. date2024-02-14

Vice Minister meets with Swedish Deputy Prime Minister and Minister for Energy, Business and Industry

Trade, Industry and Energy Vice Minister Namho Choe met with Ebba Busch, Swedish Deputy Prime Minister and Minister for Energy, Business and Industry, on February 13 in Paris on the sidelines of the IEA Ministerial Meeting and discussed measures for carbon-free energy cooperation. date2024-02-14

Carbon Free Energy Initiative Roundtable Meeting in the IEA Ministerial Meeting

Joint Press Release February 13, 2024   Carbon Free Energy Initiative Roundtable Meeting in the IEA Ministerial Meeting   Several countries and institutions including Canada, Japan, Kingdom of the Netherlands, Republic of Korea (ROK), United Kingdom, and International Energy Agency (IEA) attended the Carbon Free Energy Initiative Roundtable Meeting in Paris on February 13, held on the sidelines of the IEA Ministerial Meeting, hosted by the ROK. Namho CHOE, Vice Minister of Trade, Industry and Energy, ROK and Hoesung LEE, President of Carbon Free Alliance led the roundtable meeting. Recalling the decision made at the 28th Session of the Conference of Parties (COP28) to the UNFCCC to accelerate zero- and low-emission technologies, including renewables, nuclear, abatement and removal technologies such as carbon capture and utilization and storage (CCUS), particularly in hard-to-abate sectors, and low-carbon hydrogen production, the participants shared their views on possible cooperation on carbon free energy to achieve a global goal of carbon neutrality. The participants also recognized the Carbon Free Energy (CFE) Initiative which was proposed by the ROK on the margins of the United Nations General Assembly in September 2023. The Initiative highlighted the importance of utilizing various carbon free energy sources available, in light of different national circumstances. The participants also acknowledged the importance of active private sector engagement and underscored the imperative to drive demand-side cooperation between the public and private sectors. The ROK shared its idea of launching the CFE Initiative Global Working Group to establish a CFE Program which includes developing internationally recognized criteria for carbon-free energy and establishing a global certification scheme. The ROK also proposed participants to actively consider joining the global working group with a view to strengthening the cooperation among like-minded countries. The participants welcomed ROK’s engagement and looked forward to further discussion. date2024-02-14