Ministry of Trade, Industry and Energy

Korea to serve as Steering Group member for Climate Club

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 18 that Korea has been appointed to serve in the Steering Group for the Climate Club, a multilateral consultative body launched under the objective of accelerating the effective implementation of the Paris Agreement and carbon neutrality in the industry sector.  It was decided at the time of launch in December 2023 that a Steering Group will be formed when the Climate Club body reaches 40 members or more. Accordingly, with the number of members amounting to 40 as of August 2024, seven members were appointed to serve as the Steering Group, consisting of Australia, Egypt, the EU, Indonesia, Korea, Türkiye, and the UK. While leading the efforts for decarbonization in the industry sector, which takes up 30 percent of the entire global carbon emissions, the Climate Club is also taking the initiative in setting the norms for relevant issues such as low-carbon steel definition, interoperability considerations for emissions calculation, and low-carbon product transaction standards. During the first Steering Group meeting held on October 18, members discussed carbon leakage issues and Climate Club management measures going forward.   date2024-10-21

Korea bolsters global LNG supply cooperation network to stabilize energy supply

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is making effort to reinforce liquefied natural gas (LNG) supply chain cooperation with other countries in response to volatility risks in the global energy market with aim to stabilize the domestic natural gas supply. First, through the Korea-Singapore LNG memorandum of understanding (MOU) signed between MOTIE and Singapore’s Ministry of Trade and Industry (MTI) on the margins of the Korea-Singapore summit (October 8), the two countries plan to secure supply flexibility via LNG swaps capitalizing on their discrepant summer and winter supply patterns and raise price negotiability through joint purchases. As Korea is the world’s third largest LNG importer and Singapore is a global trading hub with its world-leading infrastructure and professional talent, the two countries’ bilateral cooperation is anticipated to create significant synergy. Second, Korea is pushing LNG cooperation with Japan as well. On the occasion of the LNG Producer-Consumer Conference 2024 (PCC) held on October 6 in Hiroshima, MOTIE and Japan’s Ministry of Economy, Trade and Industry (METI) agreed to kick LNG cooperation into high gear. Both countries’ governments, Korea Gas Corporation (KOGAS), and JERA will work together to monitor the global supply situation, strengthen information exchanges, make joint purchases, and roll out an LNG swap pilot project. Based on these endeavors, they intend to forge agreements going forward to bolster intergovernmental and corporate cooperation so that the two countries can secure stable LNG supplies during global supply chain uncertainties. As of 2023, Korea and Japan are the world’s third and second largest LNG importers, respectively. Based on geographic proximity, the two countries’ collaboration is meaningful in that they can enhance LNG supply flexibility and supply chain resilience even in times of global energy crises. Third, another outcome of the LNG PCC 2024 was that an Early Alert Mechanism (EAM) pilot project should be launched with the participation of major LNG producers like Australia, Canada, and the U.S. and importers like the EU, Japan, and Korea. The EAM is a natural gas supply chain crisis sharing system for swift information spreading and joint response against accidents that may potentially damage natural gas field facilities and disrupt the natural gas supply chain. Not only that, but each country’s LNG storage volume, LNG terminal usage rate, weather, and other basic industrial information are to be shared within permissible range of disclosure. The Korean government plans to take part in the EAM on a regular basis to prepare for potential risks by monitoring and analyzing provided information, while also forecasting accidents and identifying market anxiety factors in advance to help stabilize the domestic natural gas supply.   date2024-10-15

Korea and Philippines agree to stronger supply chain and nuclear energy cooperation

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Hydro & Nuclear Power (KHNP) reached a new milestone with the Philippines today for cooperation in supply chain and nuclear energy with the Filipino Department of Trade and Industry (DTI), Department of Environment and Natural Resources (DENR), and the Department of Energy (DOE) on the margins of Korean President Yoon Suk Yeol’s state visit to the Philippines for a bilateral summit. First, MOTIE entered into a memorandum of understanding (MOU) for supply chain in critical raw materials with the Philippines, the world’s second largest nickel producer. The MOU is expected to help the two countries build a mutually beneficial supply chain and take joint response against sudden supply chain disruptions amid the ongoing U.S.-China competition and global economic fragmentation. KHNP sealed an MOU with the Philippines’ Department of Energy for cooperation on the feasibility study for resuming construction of the Bataan nuclear power plant, which has been put on pause in 1986. They aim to launch feasibility investigations in terms of assessing the safety of continuing the Bataan project and its economic value. On the heels of the MOU signing ceremony, the two countries’ economic groups organized the Korea-Philippines Business Forum with the participation of roughly 300 business leaders of both sides, where they inked a total of 13 additional MOUs between economic groups and companies in areas like nuclear reactors, energy, construction, infrastructure, aircraft maintenance, defense, agriculture, and retail. In nuclear reactors and energy, three MOUs were signed for cooperation on nuclear energy technology and gas-fired combined cycle power plant (CCPP) projects. Korea’s major plant company and the Philippines’ largest independent power producer (IPP) entered into two MOUs, fueling anticipation for collaboration over all energy sectors going forward. In line with the numerous large-scale construction and infrastructure projects recently pushed by the Filipino government, four MOUs were signed in construction and infrastructure areas such as manpower and information exchange as well as smart city. Based on these MOUs, Korean businesses are looking forward to enhanced chances of winning more projects put out by the Philippines. Five MOUs were forged in aircraft maintenance, defense, agriculture, and retail, which has helped establish stable grounds for cooperation in not only manufacturing but in all industries including service and food, while also contributing to boosting Korean businesses’ exports. Meanwhile, the Federation of Korean Industries (KFI) and the Philippines Chamber of Commerce and Industry (PCCI) sealed an MOU to spur bilateral economic cooperation and widen the scope of information exchange, which is anticipated to further catalyze exchanges and cooperation between the two countries’ economic groups. MOTIE plans to actively support the MOUs closed between businesses and economic groups today on the sidelines of the Korea-Philippines Summit to ensure they translate into tangible outcomes.   date2024-10-07

Korea makes official launch of CFE Global Working Group

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on October 6 that the Carbon-Free Energy (CFE) Initiative officially launched its global working group (“CFE Global Working Group”) on October 3. Moreover, Korea will be serving as chair of the Clean Energy Ministerial (CEM) in 2025. At the 15th Clean Energy Ministerial (CEM) and the G20 Energy Ministerial held through October 1–4 in Brazil, the Korean delegation highlighted the need to harness various carbon-free energy sources. At CEM, it announced the official launch of the CFE Global Working Group and convened a kickoff meeting.  The CFE Global Working Group is a consultative body for discussions on CFE implementation standards and utilization measures with the participation of Korea, Japan, the United Arab Emirates (UAE), the Czech Republic, and the International Energy Agency (IEA). Going forward, it is expected that the scope of participation will keep expanding. At the CFE Global Working Group kickoff meeting, MOTIE Minister Dukgeun Ahn emphasized via a video message how Korea has been laying the groundwork for consensus building with various countries over the use of diverse carbon-free energy sources, sharing plans to continue discussions through the CFE Global Working Group. Head of the Clean Energy Ministerial Secretariat Jean-François Gagné also expressed strong agreement to the need for utilizing all carbon-free energy sources, voicing support for the CFE Initiative’s role in the international community. First proposed by Korean President Yoon Suk Yeol during the United Nations General Assembly meeting in September 2023, the CFE Initiative has thus far won the support of a total of 10 countries and international organizations. The United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28) resolution (December 2023) and the IEA 2024 Ministerial Meeting (February 2024) joint communique both reaffirm the need to utilize technology-neutral carbon-free energy sources.  In view of member countries’ support for Korea’s chairmanship of next year’s CEM, the international community’s shared understanding for the CFE initiative is anticipated to widen further in the future.   date2024-10-07

Vice Minister attends H2 MEET 2024

MOTIE’s Vice Minister Namho Choe attended the opening ceremony of H2 MEET 2024 held from September 25–27 at KINTEX in Goyang City with the participation of 317 companies and institutions from 24 countries and gave a congratulatory address and toured the exhibition booths. date2024-09-26

H2 MEET 2024 takes off at historic scale, accelerating hydrogen economies around the world

The Ministry of Trade, Industry and Energy (MOTIE) announced today that the H2 Mobility Energy Environment Technology (“H2 MEET 2024”) exhibition will be held from September 25–27 at KINTEX in Goyang City. The fifth of its kind, H2 MEET 2024 has drawn participation of a record number of 317 companies and institutions from 24 countries this year and showcases prominent products and technologies representing each area of the hydrogen industry spanning production, storage, transport, and utilization. Major companies from around the world have set up booths displaying hydrogen-powered engines, tractors, cargo bikes and other hydrogen mobility products as well as a variety of items for hydrogen storage and transport such as clean hydrogen production facilities for electrolysis and carbon capture, hydrogen liquefaction tanks, pipelines, and chargers. Also in the lineup are a number of sidelines events: the Leaders Summit for discussing latest trends of the global hydrogen industry and technologies; Country Day for introducing hydrogen policies of Australia, Canada, and the U.S. among other major countries; H2 Innovation Award for selecting innovative and outstanding companies in hydrogen technology; and a trade consultation for supporting Korean businesses’ overseas market entry. MOTIE’s Vice Minister Namho Choe attended the opening ceremony, stating that the Korean government will actively assist the effort to establish a hydrogen ecosystem through various policies such as launching the clean hydrogen power bidding market and increasing the distribution of hydrogen buses.   date2024-09-25

Korea-Czech Industry and Energy Technology Cooperation Forum

Trade, Industry and Energy Minister Dukgeun Ahn and Czech Industry and Trade Minister Jozef Sikela attended the Korea-Czech Industry and Energy Technology Cooperation Forum on September 20 in Prague with the participation of both countries’ academia, industry, and research experts in R&D. date2024-09-23

Korea and Czech Republic hold Industry & Energy Technology Cooperation Forum to step up high-tech collaboration

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the Korea-Czech Industry and Energy Technology Cooperation Forum (“Forum”) on September 20 in Prague to bolster cooperation with the Czech Republic, which holds world-leading technology in advanced manufacturing industries like high precision engineering, optics, and nanomaterials. Participating in the Forum were 40 top R&D institutions from the Czech Republic including Czech Technical University and the Czech Academy of Sciences as well as a number of academic, industrial, and research institutions from Korea such as Korea Photonics Technology Institute (KOPTI), Hyundai Motor, and Sungkyunkwan University.  Twelve memorandums of understanding (MOUs) were signed between the two countries to identify projects for joint technology cooperation in various areas like robot, laser source, and hydrogen, increasing anticipation for substantial technology exchanges and collaboration ensuing the Forum. In areas where bilateral cooperation is currently ongoing such as high precision engineering and optics, the two sides aim to uncover mid-to-large sized R&D projects to achieve impactful outcomes. Moreover, Korea’s master’s and doctoral researchers will be sent to study at prestigious Czech universities to promote active technology exchanges and joint research between the two countries’ innovative talents. For this aim, MOTIE will be providing KRW 70 billion for joint Korea-Czech R&D. The ministry plans to discuss the prospects of establishing a Korea-Czech industrial cooperation foundation for paving the way to stable bilateral technology collaboration between the two countries’ academia, industries, and research institutions. MOTIE Minister Dukgeun Ahn assessed that Korean President Yoon Suk Yeol’s state visit has created the opportunity for both countries to step up cooperation in cutting-edge technology, vowing continued effort to uncover impactful joint projects on the occasion of this Forum to assist Korean firms’ open innovation.   date2024-09-23

Korea and Czech Republic to establish cooperative system over entire nuclear energy cycle

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that Korean President Yoon Suk Yeol and Czech Prime Minister Petr Fiala attended the memorandums of understanding (MOUs) signing ceremony on September 20 at Doosan Škoda Power in Pilsen, Czech Republic, for the two countries’ bilateral cooperation across the entire nuclear energy cycle. First, MOTIE Minister Dukgeun Ahn and the Czech Industry and Trade Minister Jozef Sikela signed an MOU for Korea-Czech nuclear cooperation, agreeing to collaborate not only on nuclear reactor construction but to push across-the-board cooperation including manpower training and technological development. To this end, the two countries will be launching a director general-level consultative channel to discuss detailed cooperation measures. Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and Doosan Škoda Power sealed an agreement on the Czech new reactor project’s turbine supply, which Doosan Škoda Power will undertake upon KHNP’s inking of the final contract in March 2025. Doosan Škoda Power, acquired by Doosan Enerbility in 2009, owns foundational technology for steam turbine manufacturing and has supplied for the Dukovany (Units 1–4) and Temelin (Units 1 and 2) power plants. The Czech Republic’s Brno University of Technology (BUT) and Korea’s KEPCO International Nuclear Graduate School (KINGS) also forged an MOU on training nuclear energy talent. They agreed to establish a nuclear cooperation center at BUT to nurture master’s and doctoral graduates, train incumbent workers, and launch joint research projects in an effort to raise professional manpower. The Korea Atomic Industrial Forum (KAIF) and Czech Power Industry Alliance (CPIA) signed an MOU for localization cooperation, aiming to seek wide-ranging joint project opportunities for both countries’ businesses and provide support for the development of the materials and equipment supply chain. The Korean Energy Technology Evaluation and Planning (KETEP) and the University of West Bohemia entered into an MOU on technology cooperation for nuclear technology information exchange, joint research, talent exchange, and mid-to-long term research collaboration.  The two countries’ nuclear energy firms and related institutions sealed further MOUs for cooperation over a variety of areas such as materials and equipment, construction, design, trial operation, nuclear fuel, and radioactive waste management. Meanwhile, MOTIE plans to discuss with the Czech authorities the prompt launching of a director general-level consultative channel for a thorough implementation of follow-up measures.   date2024-09-23

Roadmaps to New Nuclear 2024 Conference

Deputy Minister for Energy Policy Lee Ho-hyeon attended the Roadmaps to New Nuclear 2024 conference on September 19 at the OECD Conference Center in Paris, France, where he introduced Korea’s nuclear energy policies.   The conference was attended by high-level government officials of 20 countries, CEOs of 40 nuclear energy companies, as well as relevant experts for discussions on measures to expand nuclear new build projects worldwide and accelerate the distribution of small modular reactors (SMRs). date2024-09-23