Ministry of Trade, Industry and Energy

Vice Minister chairs 5th Nuclear Exports Strategy Committee meeting

Trade, Industry and Energy Vice Minister Namho Choe chaired the fifth Nuclear Exports Strategy Committee meeting on July 25 in Seoul to consolidate follow-up efforts to the Czech PJT and build further export momentum.   The meeting was held with the participation of representatives from related ministries, companies, trade organizations, academia, and legal experts, including Korea Atomic Energy Research Institute (KAERI) and Doosan Enerbility. date2024-07-26

Public and private sectors to jointly launch Industrial Supply Chain Carbon Data Platform

The Ministry of Trade, Industry and Energy (MOTIE) launched the Industrial Supply Chain Carbon Neutrality Alliance on July 25 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with the participation of 11 major industry sectors’ associations and announced the “Industrial Supply Chain Carbon Neutrality Strategy.”  Amid increased demand from the EU and other regions on calculation and mitigation of product-specific carbon emissions generated across the supply chain, concerns are being raised that lack of timely response will deteriorate competitiveness and incur export setbacks. Accordingly, MOTIE established the Industrial Supply Chain Carbon Neutrality Strategy as below to promote public-private efforts through the Industrial Supply Chain Carbon Neutrality Alliance. First, MOTIE will establish a “Korean Industrial Supply Chain Carbon Data Platform” for carbon data exchanges among businesses participating in the supply chain. Unlike the cloud’s data storage mechanism, this platform will adopt the data space method and serve as only a data passageway, while ensuring private businesses’ data sovereignty to heighten companies’ voluntary participation and utilization. The platform will initially be established around five industries with relatively greater need for carbon regulatory response (batteries, automobiles, home appliances, steel/aluminum, and textiles), which will later extend to cover all industries and industrial data. Second, the calculation and mitigation of carbon emissions will be realigned to provide integrated support to companies linking the export supply chain, instead of the previous method of distributing siloed support to individual companies. Efforts will go toward supporting collaboration with industrial complexes and local authorities, expanding the scope of mutual international recognition of carbon footprint verification outcomes, and streamlining projects based on cross-ministerial joint budget systems. Third, the ministry will use the FTA and Trade Support Center as a one-stop service for assisting companies with consulting and information provision. For the abovementioned five critical industries, MOTIE will launch a “Carbon Trade Regulatory Response Committee” for more effective regulatory response and information sharing. In implementing these initiatives, the Government, economic groups, related institutions, associations, and companies aim to leverage the Industrial Supply Chain Carbon Neutrality Alliance and its working groups to maintain close communication and consolidate domestic efforts.   date2024-07-25

Korea’s carbon footprint verification system steps closer to gaining mutual recognition with Europe

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 18 that the Korea National Cleaner Production Center (KNCPC), established under Korea Institute of Industrial Technology (KITECH), entered into a memorandum of understanding (MOU) with Italy’s Carbon Footprint Italy (CFI) for the mutual recognition of carbon footprints. The MOU is considered a significant step towards expanding the global scope of the carbon footprint verification system run by MOTIE and KITECH in terms of international acceptance. Despite the demands for carbon footprint verification recently rising out of the EU over the import and export of goods, Korean firms are experiencing time and cost issues in the local carbon footprint verification process. Accordingly, MOTIE and KITECH have been making joint effort to establish a carbon footprint verification system that is compatible with other countries’ systems to ensure mutual recognition of verification outcomes. Through the signing of this MOU, KITECH and CFI have agreed to cooperate to forge a mutual recognition agreement (MRA) between the two countries’ verification systems. Once the MRA is sealed, it is anticipated that Korea’s domestic footprint verification results will be more easily accepted throughout Europe. KITECH and CFI aim to bolster cooperation based on this MOU and plan to ink the MRA on the sidelines of the UN Climate Change Conference (UNFCCC COP 29) coming this November. date2024-07-18

Experts discuss situation and outlook of carbon-free energy sources at CFE Initiative Conference

Trade, Industry and Energy Minister Dukgeun Ahn held the Carbon Free Energy (CFE) Initiative Conference on July 16 in Seoul to review the CFE Initiative’s achievements and plans and to gather opinions from experts.   The CFE Initiative is a global campaign which aims for the decarbonization of electricity (Scope 2) by utilizing carbon-free energy sources including renewables, nuclear, and hydrogen, as well as the decarbonization of industrial process (Scope 1) by transitioning to carbon-free fuels and feedstocks. Initially introduced by President Yoon Suk Yeol during his keynote speech at the United Nations General Assembly in September 2023, the CFE Initiative has so far received the official support of eight countries, including the UK, France, and Japan.   Based on the international community’s common understanding of the need to utilize various carbon-free energy sources, the Ministry of Trade, Industry and Energy (MOTIE) and the International Energy Agency (IEA) will co-host the World Climate Industry Expo 2024 (WCE 2024) in Busan this September. In particular, alongside WCE 2024, MOTIE plans to launch a Korea-Japan CFE Working Session in conjunction with Japan. In the following October, MOTIE will also launch a “CFE Global Working Group” jointly with other countries on the sidelines of the Clean Energy Ministerial (CEM) to be held in Brazil and commence on establishing the CFE certification scheme, which includes the specific scope as well as procurement and certification methods of carbon-free energy.   Companies who attended the conference pointed out that international standards for recognizing businesses’ efforts to achieve carbon neutrality are either yet to be developed or still ill-designed, making it difficult for businesses to establish net zero strategies. In this respect, the companies emphasized the need for establishing an internationally-acceptable CFE certification scheme by pursuing public-private as well as intergovernmental cooperation.    Chairman of the CF Alliance, Mr. Hoesung Lee stressed that, as the CFE Initiative promotes the comprehensive use and development of a wide range of carbon-free energy sources, the Initiative will be able to attract the participation of both manufacturing-oriented countries and developing countries and accelerate the achievement of net zero on a global scale.   Minister Ahn mentioned that MOTIE will expedite the establishment of CFE Initiative certification scheme with a view to enhancing the competitiveness of Korea’s advanced and key industries as well as achieving net zero and taking the lead in global climate action.   date2024-07-16

Minister Ahn holds Carbon Free Energy Initiative Conference

Trade, Industry and Energy Minister Dukgeun Ahn held a Carbon Free Energy Initiative Conference on July 16 in Seoul to discuss outcomes and outlook of the CFE Initiative with experts and discussed international carbon regulation response and global diffusion of the CFE Initiative.   The conference was attended by representatives of related institutions, companies, and academia, including Korea Institute of Industrial Technology (KITECH), Samsung Electronics, POSCO, GS Energy, Hanwha Solutions, Doosan Enerbility, and Konkuk University. date2024-07-16

MOTIE signs MOU on energy saving and carbon reduction with CNC and Samsung Electronics

The Ministry of Trade, Industry and Energy (MOTIE) entered into a memorandum of understanding (MOU) with the 2050 Presidential Commission on Carbon Neutrality and Green Growth (“CNC”) and Samsung Electronics on July 11 in Seoul to promote energy-saving practices and carbon reduction efforts by utilizing the artificial intelligence (AI) functionality and automated demand response (ADR) system of home appliance management applications (apps).   MOTIE’s Vice Minister Namho Choe took part in the MOU signing with CNC Co-Chairperson Kim Sang-hyup and Samsung Electronics Executive Vice President Park Chan-woo. date2024-07-11

MOTIE signs MOU on energy saving and carbon reduction with CNC and Samsung Electronics

The Ministry of Trade, Industry and Energy (MOTIE) entered into a memorandum of understanding (MOU) with the 2050 Presidential Commission on Carbon Neutrality and Green Growth (“CNC”) and Samsung Electronics on July 11 in Seoul to promote energy-saving practices and carbon reduction efforts by utilizing the artificial intelligence (AI) functionality and automated demand response (ADR) system of home appliance management applications (apps).   MOTIE’s Vice Minister Namho Choe took part in the MOU signing with CNC Co-Chairperson Kim Sang-hyup and Samsung Electronics Executive Vice President Park Chan-woo.   In accordance with this MOU, the three parties plan to launch a nationwide campaign to promote public awareness of energy saving and carbon reduction efforts through Samsung Electronics’ ADR-enabled home appliance management app. As part of the campaign, they will be working in tandem to provide the public with demand response (DR) schedule data, synchronize home appliance management apps, and support the public’s daily efforts to promote carbon neutrality and green growth.   Vice Minister Choe said, “Although we see strong public participation in energy saving, it is still considered necessary but inconvenient. In this regard, this energy saving campaign is a good measure to minimize the inconvenience to participants by synchronizing demand response signaling and smart appliance apps.” date2024-07-11

Vice Minister speaks at Summertime Energy Saving Campaign

Vice Minister Namho Choe attended the Summertime Energy Saving Citizen Campaign launching ceremony on July 10 in Seoul for promoting energy saving efforts.   The ceremony was held with the participation of roughly 80 persons, including representatives of public energy companies, economic groups, and the general public, including Korea Electric Power Corporation (KEPCO) and Korea NGO's Energy Network (ENET). date2024-07-11

Vice Minister attends POSCO International’s Gwangyang LNG Terminal completion ceremony

Vice Minister Namho Choe attended POSCO International’s Gwangyang LNG Terminal completion ceremony on July 9 in South Jeolla Province and gave a congratulatory message.   The ceremony was held with the attendance of representatives of local authorities, related institutions, and companies, including Korea Gas Corporation (KOGAS). date2024-07-09

Vice Minister attends completion ceremony of POSCO International's Gwangyang LNG Terminal

Vice Minister Namho Choe attended the completion ceremony of POSCO International’s Gwangyang LNG Terminal No. 1 on July 9, held in South Jeolla Province.   The KRW 1.05 trillion Gwangyang LNG Terminal project commenced in 2002 as the first private-led LNG terminal, housing six LNG tanks (930,000kl), 680 metric tons per hour gasification and transmission facilities, as well as port facilities capable of berthing a 180,000m3 LNG carrier.   In his congratulatory message, Vice Minister Choe mentioned plans to foster an environment for creating nationwide synergy through mutual cooperation and competition between the Korea Gas Corporation (KOGAS) and the private sector.   The Ministry of Trade, Industry and Energy (MOTIE) aims to launch a deliberative committee in the latter half of this year to support the objective and fair decision process regarding the use of pipelines and controlling the natural gas charge volume per terminal. date2024-07-09