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Energy
Applications now open for IPEF Climate Tech 100
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 2 that the global data platform and marketing survey company, HolonIQ, opened applications for Climate Tech 100 starting April 1, as part of an initiative to discover promising climate tech startups and connect them with global investors at the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum to be held this June in Singapore. The final ranking of the 100 climate tech companies will be revealed at the Forum, in the attendance of high-level officials of relevant governments, global investors, and multilateral development banks (MDBs). The top 100 startups' technologies are to be introduced and promoted to global investors at the Forum, while top 30 startups will be granted one-on-one matching and pitch opportunities for attracting investment. More information is available at HolonIQ’s website (www.holoniq.com), where interested startups can sign up by April 22. date2024-04-02
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Energy
Five-tier energy efficiency EV grading system now enforced in full
The Ministry of Trade, Industry and Energy (MOTIE) announced that beginning April 1, the five-tier energy efficiency grading system for electric vehicles (EVs) will be enforced in full, with all EVs (278 models) in the market to be given their respective energy efficiency grade rated on a scale of one to five, with one being the highest in efficiency. The grading system had already been enforced on the newer EV models as of September 1 in 2023, and starting April 1 this year, all EV models, including older ones, are mandated to carry their energy efficiency grade label. Six models landed under grade one, taking up 2.2 percent out of total, followed by 54 models classified as grade two (19.4 percent), 73 models as grade three (26.3 percent), 83 models as grade four (29.8 percent), and 62 models as grade five (22.3 percent). Amid the recent steep climb of the number of EV registrations and registered models, the grading system is anticipated to help consumers compare EVs’ energy efficiency more easily, heightening the competitiveness of high-efficiency models. MOTIE expects this grading system to facilitate the industry’s technological development and consumer preference towards high energy efficiency EV models. The ministry plans to analyze the EV market trends and outcomes of the grading system for further improvement. date2024-04-01
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Energy
Korea’s first solar power joint utilization R&D center in full operation
Trade, Industry and Energy Ministry's Deputy Minister for Energy Policy Lee Ho-hyeon attended on March 27 in Daejeon the completion ceremony for Korea’s first solar power joint utilization R&D center equipped with a 100MW pilot line for solar photovoltaics (PV) research. At companies’ request for a facility that would enable the testing of solar PV products prior to mass production, the joint utilization R&D center was established through joint investment of MOTIE, Daejeon Metropolitan City, and the Korea Institute of Energy Research (KIER). The completion ceremony was attended by approximately 100 representatives of relevant industries, academia, and research institutions, including the Chairman of the Presidential Commission on Carbon Neutrality and Green Growth and Deputy Mayor of Daejeon City for Economics and Science. The center is equipped with a cutting-edge 50MW solar cell line and a 100MW module line that enables the development and verification of cells of various structures and sizes. Companies and R&D institutions will be able to access certification service by utilizing the center’s advanced equipment for assistance in cell and module efficiency measurement, certification, and analysis. The center is also expected to enhance companies’ productivity by allowing product development and inspection without having to halt their own production lines. date2024-03-28
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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
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Energy
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
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Energy
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
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Energy
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
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Energy
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
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Energy
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
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Energy
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