Ministry of Trade, Industry and Energy

Minister Ahn visits nuclear incore instrument producer Woojin

Trade, Industry and Energy Minister Dukgeun Ahn visited Woojin, a supplier of measurement instruments for nuclear power plants, on February 23 in Hwaseong, Gyeonggi Province. The visit was made to share the determination for the policy and vision vowed through the 14th Public Forum to nurture Korea into a world-leading nuclear powerhouse, as well as to gather on-site opinions more actively.   Following a briefing on Woojin’s company management, Minister Ahn inspected the measurement manufacturing site and the ongoing SMR prototype development and encouraged Woojin employees. date2024-02-26

Minister Ahn holds press briefing on public forum

Trade, Industry and Energy Minister Dukgeun Ahn held a press briefing on February 22 in Changwon on the 14th Public Forum on the topic of the restoration of Korea’s nuclear energy industry and led the Q&A session. date2024-02-23

Beyond revival, Korea's nuclear ecosystem warming up to become global powerhouse

The Korean government held the 14th public forum on the revitalization of the nuclear energy industry and stimulation of local economy for Changwon and Gyeongsangnam-do on February 22 at the Gyeongsangnam-do Provincial Hall with approximately 100 civilians, composed of those working for SMEs and middle-market companies, nuclear energy majoring undergraduate and graduate school students and locals, to share the vision and strategy for Korea to become the world’s nuclear energy powerhouse and nurture Changwon into a “global SMR cluster”.   Changwon holds special value in Korea’s nuclear industry. After Korea Heavy Industries and Construction Co. (now known as Doosan Enerbility) moved to the Changwon National Industrial Complex, Changwon saw Korea’s first localization of the main equipment for nuclear power plants. The Changwon National Industrial Complex entered the KRW 10 trillion thresholds in terms of production value for manufacturing the main equipment of Hanbit Units 3 and 4, and even today, all of Korea’s nuclear plants’ major components are produced in Changwon. In a sense, the nuclear industry has served as the backbone of Changwon’s economy, which explains the backdrop of Changwon hosting the 14th public forum on the topic of nuclear power.   At the forum, officials presented the Government’s efforts and outcomes of normalizing Korea’s nuclear energy policies, and shared the changes felt across the nuclear industrial sites. Participants engaging in the forum voiced measures for not only normalization but also the qualitative advancement of the nuclear industry and building a global powerhouse.   Upon taking office, the Yoon administration vowed to abolish the previous administration’s nuclear phase-out policy and fully utilize nuclear power as a key energy source. Construction of Shin Hanul Units 3 and 4 immediately resumed and related licensing procedures were shortened by 18 months. The sluggish nuclear industry was injected with emergency work orders and vital funding programs were newly rolled out. The contracts for producing the major and auxiliary components of Shin Hanul Units 3 and 4 were signed in March and May of 2023, respectively, quenching the thirst of nuclear companies and increasing the project value from 2.4 trillion won in 2022 to 3 trillion won in 2023.   The Yoon administration set to work on developing Korea’s own small modular reactor (SMR) technology and launching the public-private SMR alliance in March and July of 2023, respectively, winning Egypt’s 3 trillion El Daaba project and Romania’s 260 billion won tritium removal facility project, successfully bagging over 4 trillion worth of deals since inauguration.   MOTIE’s Minister Dukgeun Ahn stated during the forum that “We aim for not merely the revival of the nuclear ecosystem but achieving the qualitative advancement of the whole industry to build Korea into an unsurpassed global nuclear powerhouse,” and proposed a number of key measures as directions for nuclear industry policies.   For the full restoration of the nuclear ecosystem, the Government will set a virtuous cycle to motion, through which ample amount of orders and funding will spill over to investment and R&D, and ultimately enhance the mid-to-long term competitiveness growth of the nuclear industry, bringing about innovation.   First, the Government enforced a law starting December 2023 so that SMEs and middle-market companies supplying auxiliary components for Shin Hanul Units 3 and 4 can receive up to 30 percent of the contract amount as special down payments immediately upon inking the contract. Up to 75 percent of the commission for guarantee premium will also be paid to mitigate the burden on financially struggling SMEs. The special law enactment has helped the smooth implementation of an accumul date2024-02-22

MOTIE and IEA seek stronger cooperation for energy efficiency innovation

The Ministry of Trade, Industry and Energy (MOTIE) held the “Korea-IEA Energy Efficiency Academic Conference” on February 22 in Seoul, attended by representatives of the Korea Energy Agency (KEA), Korea Energy Economics Institute (KEEI) and the Korea Chamber of Commerce and Industry (KCCI).   The conference was held to discuss measures for bolstering cooperation between the Korean government and the International Energy Agency (IEA) and to cover global energy efficiency issues on the margins of Nicholas Howarth’s visit to Korea. A policy analyst on energy efficiency, Nicholas Howarth is the main author of “Energy Efficiency 2023” published by IEA in October 2023.   At the conference, Howarth briefly explained “Energy Efficiency 2023”, assessing that the energy efficiency improved 2 percent worldwide in 2022 in comparison with the previous year, and Korea recorded double the global average with a notable 4 percent efficiency growth rate, thanks to strong policy pushes. Meanwhile, energy demand in 2023 rapidly increased, with the global energy efficiency growth stopping at 1.3 percent. According to Howarth, in order to implement the global goals for energy efficiency improvement by 2030 as agreed during the COP28 UN Climate Change Conference, the government’s role in decreasing the use of fossil fuels is critical, such as widening the distribution of heat pumps and other high-efficiency devices, increasing the proportion of EVs and small-sized cars, reducing energy consumption for cooling and heating buildings, and heightening lighting efficiency standards.   Next, speakers’ presentations were followed by discussions. KEA introduced Korea’s energy efficiency policy and proposed measures for cooperation for the international climate industry symposium in 2024; KEEI explained the cost-effectiveness of energy efficiency enhancement in Korea’s industrial sectors; and KCCI proposed measures for KCCI-IEA project cooperation.   MOTIE’s Energy Efficiency Director General Kim Hyun-cheol said that cooperation between Korea and IEA will continue to deepen in the future, with the diffusion of the Carbon Free Energy (CFE) Initiative and implementation of the nationally determined contributions (NDCs) and COP28 goals by 2030. He added that “In commemoration of IEA’s 50th anniversary, we plan to strengthen cooperative relations with IEA through launching joint international events and R&D projects.” date2024-02-22

KATS hosts conference on wind power industry standards strategies with experts

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) hosted the wind power experts’ conference, led by KATS President Jin Jong-wook, on February 21 at the Korea Planning & Evaluation Institute of Industrial Technology (KEIT) in Seoul for discussions with approximately 20 industry, academia and R&D experts on strategies for industry standards and future directions for renewables and certification upgrading projects. date2024-02-22

Wind power experts discuss standards strategies for global competitiveness

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) hosted the wind power experts’ conference on February 21 at the Korea Planning & Evaluation Institute of Industrial Technology (KEIT) for discussions with industry, academia and R&D experts on strategies for industry standards to enhance Korea’s wind power global competitiveness.   Over the past year, KATS has been preparing strategies for standards on core parts, super-sized wind turbines, and project certification through the “Wind Power Standards Forum” composed of experts from related industries, academia, and R&D institutes with aim to achieve carbon neutrality and invigorate the wind power industry.   The conference was held to gather opinions on industry challenges and to facilitate discussions with approximately 20 wind power experts attending the conference. They proposed various ways to respond to the global market and contribute to industry growth through standardization, expressing anticipation towards the upcoming mega wind power complex development and the accompanying progress in Korea’s wind power industry standards.   KATS President Jin Jong-wook emphasized that “Wind power is a vital measure for countries around the world in attaining carbon neutrality. We will provide active support in the standards sector for the growth and global competitiveness of Korea’s wind power industry.” date2024-02-21

Korea and Japan step up joint efforts for promoting clean hydrogen utilization

Director General for Hydrogen Economy Policy Park Chan-ki at the Ministry of Trade, Industry and Energy (MOTIE) and Hiroo Inoue, Director General for Energy Efficiency and Renewable Energy Department at Japan’s Economy, Trade and Industry Ministry (METI), held the Korea-Japan Director General-Level Hydrogen Cooperation Meeting on February 15 in Japan.   The two countries had agreed on the need for joint efforts regarding carbon reduction and clean energy cooperation during the Korea-Japan summit talks at Stanford University on the margins of the Asia-Pacific Economic Cooperation (APEC) Summit 2023, and this director general-level meeting was held as a follow-up discussion on clean hydrogen cooperation.   The two hydrogen and energy leaders reaffirmed the importance of clean hydrogen in achieving the nationally determined contributions (NDCs) for cutting greenhouse gas emissions and held the view that the two countries’ collaboration as consumers and importers of clean hydrogen offers substantial potential in light of their similar industrial structure and energy consumption dynamics. Based on their shared interest, the two sides agreed to continue cooperative efforts in various areas, including the development of global hydrogen supply chains and new fields of hydrogen utilization, related standards, specifications, and policies.   They also agreed to launch a director general-level “Korea-Japan Hydrogen Cooperation Dialogue” for the regular exchange of views and close cooperation on the global diffusion of hydrogen economy and clean hydrogen market leadership. date2024-02-16

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