Ministry of Trade, Industry and Energy

South Korea to Cut Gas Emissions by 37% from BAU Levels by 2030

      South Korea, one of the world's top 10 carbon producers, has finalized its target of reducing greenhouse gas emissions by 37 percent from business-as-usual (BAU) levels by 2030, the Ministry of Trade, Industry and Energy (MOTIE) said in a joint statement with other relevant ministries.   "We decided to raise the target from the reduction scenarios, considering our leadership on climate change such as inviting the GCF (Green Climate Fund), our global responsibility, and the opportunity to develop energy-related new businesses and innovate the manufacturing sector," the statement said.   Earlier this month, the Korean government outlined four scenarios for the country's emissions target ranging from 14.7 percent to 31.3 percent, and said a final rate would be set after holding a public hearing.   The final target will be submitted to the United Nations (UN) today, which is expected to produce a global framework for carbon emissions reduction from 2020 to 2030 at its year-end meeting in December in Paris.   In 2009, South Korea voluntarily set a goal to cut greenhouse gas emissions to 30 percent below BAU levels by 2020. It also started the world's second-biggest carbon emission market in January, which imposes caps on emissions from 525 of the country's biggest companies.   The country is pushing forward with a plan to build four fewer coal plants and two more nuclear reactors by 2029 to generate more power and curb emissions, according to the latest power plan released by MOTIE this month.   date2015-07-01

MOTIE Minister Yoon Expresses High Hopes for Importing More U.S. Shale Gas

      MOTIE Minister Yoon Sang-jick expressed high hopes for importing more U.S. shale gas in his opening speech at the Republic of Korea-U.S. Business Forum in Houston yesterday.   The two countries can forge a win-win partnership if the U.S. utilizes Korea as a Northeast Asia trading hub for liquefied natural gas (LNG), taking advantage of the world's biggest LNG terminal infrastructure, Minister Yoon said.   About 200 business leaders from Korea and the U.S. attended the forum, including Greater Houston Partnership President and CEO Bob Harvey and Houston's Chief Development Officer Andy Icken. date2015-06-19

The first investment conference to be held for new energy industry

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that it held the first investment conference on the same day at the Palace Hotel Seoul and announced the South Korean government's policies and plan for the new energy industry.     MOTIE plans to attract private investors to some of the promising SME's and major projects through the investment conferences for the new energy industry.     The Korean government has been promoting the new energy industry si date2015-06-17

South Korea Prepares 4 Scenarios for Greenhouse Gas Reduction by 2030

        South Korea, one of the world's top 10 carbon producers, has prepared four scenarios to set a target for reducing greenhouse gas emissions from 2020 to 2030, the Ministry of Trade, Industry and Energy (MOTIE) said yesterday.   As part of global efforts to reduce carbon emissions, the scenarios aim to cut emissions from 14.7 percent up to 31.3 percent relative to the country's business-as-usual (BAU) levels, the ministry said in a joint statement with other relevant ministries.   The Korean government plans to submit the finalized option to the United Nations (UN) by the end of this month, which is expected to produce a global framework for carbon emissions reduction at its year-end meeting in Paris.   In 2009, South Korea voluntarily set a goal to cut greenhouse gas emissions to 30 percent below BAU levels by 2020. It also started the world's second-biggest carbon emission market in January, which imposes caps on emissions from 525 of the country's biggest companies.   The country is pushing forward with a plan to build four fewer coal plants and two more nuclear reactors by 2029 to generate more power and curb emissions, according to the latest power plan released by MOTIE earlier this week.           date2015-06-12

MOTIE 2nd Vice Minister Moon Advocates S. Korea's New Energy Policy at CEM6

  The MOTIE's 2nd Vice Minister Moon Jae-do attended the sixth Clean Energy Ministerial (CEM6) held in Merida, Mexico, from May 27 to 28.   During the two-day event, the vice minister advocated South Korea's new policy for energy-related new industries as a shining example of how to tackle energy problems.   VM Moon and other world energy leaders also announced ambitious actions to accelerate the global transition to clean energy.   To find more information about the outcomes of CEM6, please visit its website at   South Korea hosted the fifth CEM last year. The United States will host CEM7 in 2016, and China intends to host CEM8 in 2017. date2015-05-29

MOTIE Launches Battery Lease Service For Electric Cars in Jeju Island

      The Ministry of Trade, Industry and Energy (MOTIE) launched a battery lease service in Jeju Island this week as part of its efforts to develop energy-related new industries.   The new service would help the island's bus, taxi and rental car companies purchase electric vehicles more cheaply without batteries, which they can lease in payments over time with the money earned from saved fuel costs.   The ministry expects the battery lease service to bring about 119 electric buses and 1,000 electric taxi and rental cars over the next three years to South Korea's southernmost resort island. date2015-05-28

EV battery pack rental service to become available in Jeju Island

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 27 that it held the inauguration and agreement signing ceremonies for the EV battery pack rental business on the same day at the Jeju Science Park Auditorium.     Through this project, a total of 119 electric buses and over 1,000 electric taxis and rental EV's will be supplied to Jeju Island over the next three years.     This year's goal is to operate 49 electric buses, 290 taxis and 227 rental EV's. The service company selected for this project is Begins Jeju, which will build charging stations and integrated control center by September this year before launching the services.     If this project becomes a success, MOTIE will expand the service area to include other provinces by re-investing the profit from this project.     Meanwhile, other cities are also working to launch similar services: Pohang, Gyeongsangbuk-do is looking for companies that are interested in the battery pack lease services for electric buses, while Seoul Metropolitan Government is trying to expand EV business by having mobile charger providers participate in mobile charging services.     * Short version date2015-05-27

Apartment residents to save money on power bills by replacing fluorescent lamps with LED lamps

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 30 that apartment residents can now save on power bills by replacing fluorescent lamps with LED lights in the form of installment payments, where the money saved on the power bill will be deducted from the amount charged on their credit card for the purchase of LED lamps.     So far a total of 21 apartment complexes use this program to replace the fluorescent lamps with LED lamps in the underground parking lots. The number is likely to increase to over 70 before the second half of this year is over.     If underground parking lot lights are replaced with LED lamps at an apartment complex with around 500 households, the residents can save up to 7.36 million won ($6,615) in power bills each year. Since it costs around 20 million won to have the LED lamps installed, it will take about 2 years and 7 months to break even.     Some of the advantages of this program are that it's easy to fund the project, no collateral is needed and an apartment management company can carry out the contract and provide after sales services.     For example, residents of "Seocho The Sharp" apartment have agreed to replace all the fluorescent lamps with LED lamps for their underground parking lots in January this year. Satisfied with the results, they have recently decided to replace all the hallway lights with LED lamps.     MOTIE plans to further promote this program so that gas stations, convenience stores and factories can also save on their power bills by using LED lamps.     * Short version date2015-04-30

Over 5,500 EV chargers to be installed in Jeju Island

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 10 that a total of 5,580 electric vehicle chargers will be installed in Jeju Island by 2017 by the Jeju Smart Grid Consortium of Korea Electric Power Corporation (Energy), Korea Telecom (Communication), Hyundai & Kia Motors (Vehicles), KDB Asset Management (Finance) and Begins (Service).     These companies will establish an SPC in May this year and invest a total of 32.2 billion won ($ 29 million) by 2017 in this project and gradually increase the number of EV charging stations to match that of gas stations in Jeju Island by 2017.     After the consortium set up call centers and integrated management system, MOTIE plans to install the charging stations first in Jeju Island and then in other parts of the country.     Jeju Island was chosen as a testbed for this project for numerous reasons: the provincial office is very interested in supplying EV's because a fully charged car can tour the entire island and environmental protection is one of the key issues for the island endowed with beautiful nature.     The Ministry of Environment will also join hands with the consortium to allocate 50 percent of the 3,000 EV's scheduled for production this year to the Jeju Island, and give the contract to a special purpose company to manage and operate the existing EV charging stations.     * Short version date2015-03-10

Korea and UAE sign MOU on joint nuclear power marketing

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 06 that the Minister of Trade, Industry and Energy and UAE Ministry of International Cooperation and Development signed an MOU on joint nuclear power marketing in third countries in the presence of General H.H. Sheikh Mohammed bin Rashid Al Maktoum and Korean President Park Geun-hye who's touring the four Middle Eastern countries.     One of the key issues covered in the MOU is the organization and operation of a consultative group composed of ministers of both countries for marketing in third countries including Egypt.     The two countries will join hands in the areas of project development and planning, support for feasibility study and joint research and development.     Since winning nuclear power plant projects in the UAE, Korean companies have been working on nuclear power projects without any foreign partners, but with the signing of MOU, they expect to have more opportunities to win more contracts in the global nuclear power market.     Korean Minister of Technology, Industry and Energy Yoon Sang-Jick said, "With this MOU, the UAE is now literally our strategic foothold and partner for entering third countries. We will try to dominate new markets in third countries in advance and create new jobs for young South Koreans with the help of the SWF (Sovereign Wealth Fund)."     * Short version date2015-03-06