Ministry of Trade, Industry and Energy

Minister Sung encourages steel industry’s commitment to go carbon neutral

Trade, Industry and Energy Minister Sung Yunmo (fourth from the right) attended the launching ceremony for the Green Steel Committee at the Seoul POSCO Center on February 2, and encouraged the steel industry’s announcement of a joint statement to go carbon neutral by 2050. Minister Sung said that the Ministry will support the private sector’s participation in the carbon neutral initiative by establishing a special act to accelerate transition to a carbon neutral industrial structure date2021-02-02

Minister Sung visits Green New Deal project sites in Yeonggwang

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the solar plant and the wind power testbed in Yeonggwang, Jeollanam-do, on January 27, to examine the conditions for renewable energy expansion for the 2050 carbon neutral goal and Korea’s Green New Deal initiative.   The Yeonggwang solar power plant, completed in June 2020, is the largest plant of solar generation in Korea with a 100MW scale. The Yeonggwang wind power test bed is being operated to provide the l date2021-01-28

Minister Sung encourages Ulsan Free Economic Zone Authority’s hydrogen initiative

Trade, Industry and Energy Minister Sung Yunmo (center) attended the launching ceremony for the Ulsan Free Economic Zone Authority at Ulsan Metropolitan City Hall on January 14, and delivered a congratulatory speech to encourage the Authority’s vision to establish a hydrogen industry hub for innovative growth.   Minister Sung mentioned that the UFEZ Authority has an important role in regional development and creation of jobs by fostering the new future hydrogen industry through the date2021-01-14

Minister Sung visits Korean solar module manufacturer in Gimje

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of Shinsung E&G, a local solar module manufacturer, in Gimje, Jeollabukdo, on January 12, to encourage new investments for carbon neutral projects despite COVID-19 struggles.Minister Sung pointed out that the government will continue with efforts to establish a strong domestic renewable energy industry ecosystem in order to achieve a carbon neutral economy. date2021-01-12

Government to allow renewable energy purchase as part of RE100 initiative

The Ministry of Trade, Industry and Energy announced on January 5th that it will allow domestic electricity consumers to purchase electricity from renewable sources as part of the RE100 initiative, a global campaign for transition to 100% renewable energy. Both industrial and general consumers of electricity can participate in the K-RE100 system through registration at the state-run Korea Energy Agency. Electricity from renewable sources will be procured through the green premium system, the th date2021-01-06

Government announces plans to promote renewable energy

The Ministry of Trade, Industry and Energy announced the 5th Basic Plan on Renewable Energy on December 29, to accelerate Korea’s transition to a low-carbon economy and society based on renewable energy innovations in supply, market, demand, industry, and infrastructure. date2020-12-30

Government announces Basic Plan on Electricity Demand and Supply

The Ministry of Trade, Industry and Energy announced on December 28 the 9th Basic Plan on Electricity Demand and Supply, which consists of power supply and demand forecasts, demand management plans, measures to improve the power market system and reduce of greenhouse gases for the next 15 years. Under the 9th Basic Plan, the government seeks to promote energy transition policies to a safe and clean power generation mix, implement measures to further reduce emissions, and expand investment on th date2020-12-29

Korea unveils strategy to achieve carbon neutrality by 2050

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) attended a joint briefing at the government complex in Seoul, on December 7, and the ministries announced the strategy to achieve carbon neutrality by 2050.Minister Sung mentioned four areas of innovation in the energy sector: innovation in the supply of renewable energy, innovation in the power grid and facilities, innovation in the industrial ecosystem through technological development and investment, and innovation in the date2020-12-07

Korea to encourage gas turbine manufacturing to lead Korea’s Green New Deal

Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with gas turbine manufacturers and industry representatives on November 30, and announced measures to develop locally produced gas turbines for liquefied natural gas (LNG) power generation.Minister Sung said that securing self-reliance of gas turbines will be important in the energy transition process by allowing a stable power supply. He also said that building a strong domestic standard model of gas turbines will be a step date2020-11-30

Deputy Minister Joo meets with ASEAN+, EAS energy ministers

Deputy Minister for Energy and Resources Joo Young-joon attended the 17th ASEAN+3 Ministers on Energy Meeting and the 14th EAS Energy Ministers Meeting held virtually on November 20, to discuss with member countries measures to support a sustainable energy future. date2020-11-20