Ministry of Trade, Industry and Energy

MOTIE and IEA to co-host World Climate Industry Expo 2024 in Busan

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 14 that it will be co-hosting the World Climate Industry Expo 2024 with the International Energy Agency (IEA) this year in September in Busan under the shared vision of diffusing the use of carbon-free energy (CFE) sources like nuclear power, renewables, hydrogen, and CCUS (carbon capture, utilization, and storage) for advancing global climate emergency response and energy security.   Launched in 2023, the World Climate Industry Expo 2024 will be held under the theme of “Ushering in a Carbon-Free Energy Era with Climate Technology” to focus discussions on the swift transition into sustainable clean energy. It is anticipated that the Expo will serve as a venue for accelerating the global diffusion of the Carbon Free Energy (CFE) Initiative in accordance with the agreement reached during the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28).   Keynote speakers for the Expo include Fatih Birol, IEA Executive Director, and James Bacchus, Distinguished University Professor of Global Affairs and Director of the Center for Global Economic and Environmental Opportunity at the University of Central Florida. In addition, global companies like Samsung, Hyundai Motor, Ørsted, and Tesla will showcase their latest and future technologies. date2024-04-16

Minister Ahn visits Washington D.C. to discuss stronger Korea-U.S. cooperation in clean energy and advanced industries

Trade, Industry and Energy Minister Dukgeun Ahn is making his first visit to Washington D.C., U.S. (April 10-12) after taking office to meet with U.S. Department of Commerce (DOC) and Department of Energy (DOE) counterparts, Biden administration officials, U.S. Congress members, and major thinktank figures for extensive discussions on trade issues and measures for Korea-U.S. cooperation in industries and energy.   During the bilateral ministerial Supply Chain and Commercial Dialogue (SCCD) meeting and energy ministerial meeting held in April 2023 on the margins of President Yoon Suk Yeol’s state visit to the U.S., the two countries agreed to cooperate in clean energy and advanced industries, including semiconductors. Minister Ahn aims to further discussions on stronger cooperation in clean energy areas and advanced industries through this visit, while also touching on issues concerning the U.S. CHIPS Act subsidies and the Inflation Reduction Act (IRA) incentives.   Moreover, he will meet with representatives of Korean firms operating in the local U.S. market to cover investment issues and seek business support measures with Congress members. With key thinktank figures, he plans to exchange views on forward-looking measures for developing and deepening Korea-U.S. relations.   Minister Ahn remarked that “The Korea-U.S. alliance has grown closer than ever, advancing to one of economic security, advanced industries, and supply chains,” and that efforts will be made to bolster bilateral ties through continued cooperation with the U.S. DOC, DOE, and other divisions. date2024-04-11

Vice Minister chairs MOU ceremony and conference with nuclear energy firms

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with nuclear energy companies and memorandum of understanding (MOU) ceremony on April 4 at Korea Atomic Industrial Forum (KAIF) on executing special financial assistance for stimulating investment, export competitiveness and R&D innovation for the domestic nuclear energy industry.   As follow-up to the 14th Public Forum held this February, the event was hosted in the attendance of the representatives of six major banks participating in this year's KRW 100 billion nuclear ecosystem financial assistance project, as well as those from KAIF and Korea Energy Technology Evaluation and Planning (KETEP). date2024-04-05

Nuclear energy firms to benefit from KRW 100 bln loan fund in 2024

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with nuclear energy companies and memorandum of understanding (MOU) ceremony on executing special financial assistance for the domestic nuclear energy ecosystem on April 4 at Korea Atomic Industrial Forum (KAIF).   Part of a follow-up to the 14th Public Forum held this February, the event was hosted in the attendance of the representatives of six major banks participating in this year's KRW 100 billion nuclear ecosystem financial assistance project, as well as those from KAIF and Korea Energy Technology Evaluation and Planning (KETEP).   First, the Ministry of Trade, Industry and Energy (MOTIE) entered an MOU with banks and relevant institutions for the special financial assistance towards nuclear energy firms and agreed to cooperate on developing the program for tackling the industry’s financial challenges, information sharing, and the management and operation of business projects. Based on the consensus that fast liquidity is of utmost importance in lowering SMEs’ funding difficulties, each institution has been making swift headway in project notification, selection of project applicants, and loan appraisals. Over 34 billion won was executed in loans by the end of March, adding up to 50 billion won in April, with a total of 100 billion won to be funded within this year.   At the conference with the beneficiary companies, Vice Minister Choe listened to the nuclear energy industry representatives’ suggestions and opinions. Nuclear energy companies’ leaders spoke on how the increased work orders and financial assistance are vitalizing the industry atmosphere and suggested that the Government give continued interest and support towards SMEs and middle-market companies in the nuclear energy industry in terms of investment, R&D innovation, and export competitiveness.   Vice Minister Choe said that the Government will fully support the nuclear industry’s rebound as well as its future global performance and asked for industry players’ active participation in new investment, technological enhancement, and other means to qualitatively advance the industry. date2024-04-05

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

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

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

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