Ministry of Trade, Industry and Energy

CFE Summit spurs experts’ discussions on measures for global diffusion of carbon-free energy

The Ministry of Trade, Industry and Energy (MOTIE), International Energy Agency (IEA), Korea Chamber of Commerce and Industry (KCCI), and the CF Alliance launched the CFE Summit today at the Busan Exhibition and Convention Center (BEXCO) with the participation of high-level figures, experts, and business leaders from around the world. Part of the World Climate Industry EXPO (WCE 2024) held under the theme of "Ushering in a Carbon-Free Energy (CFE) Era with Climate Technology,” the CFE Summit consisted of the CFE Leaders Roundtable, Korea-IEA Forum, and the CFE Initiative. The CFE Leaders Roundtable was attended by MOTIE’s Vice Minister Namho Choe, KCCI Chairman Chey Tae-won, IEA Executive Director Fatih Birol, Busan Mayor Park Heong-Joon, CF Alliance Chairman Lee Hoe-sung, and Presidential Commission on Carbon Neutrality and Green Growth Co-Chairperson Kim Sang-hyup, alongside the representatives of 30 embassies to Korea, 24 national delegations, and those of 10 international organizations and companies. Korean Prime Minister Han Duck-soo shared a video message highlighting that carbon-free energy sources, in view of their eco-friendliness and stability, are the solution to dealing with the rising power demand across AI and advanced industries. He pledged that the Government will increase the share of carbon-free energy sources in Korea’s energy mix from 40 percent (as of 2023) to 70 percent by 2038, legislate special laws on power grid expansion, and give full measure to facilitating the R&D of core technologies and manpower training. Next, the Korea-IEA Forum jointly organized by MOTIE and IEA was attended by IEA Executive Director Fatih Birol, MOTIE’s Vice Minister Namho Choe, Japan’s Director General for International Policy on Carbon Neutrality Kihara Shinichi at the Ministry of Economy, Trade and Industry (METI), IEA Chief Energy Economist Tim Gould, and representatives of 20 embassies to Korea. IEA Executive Director Fatih Birol gave a congratulatory message stating that it is essential to harness all technologies and energy sources, including nuclear, clean hydrogen, and CCUS (carbon capture, utilization, and storage) in attaining carbon neutrality by 2050, underscoring that the CFE Initiative is a good example of the necessary leadership for maintaining energy security while also realizing climate goals.  Vice Minister Choe also gave a congratulatory speech forecasting that the carbon-free energy joint statement issued by Korea and IEA will help accelerate the CFE Initiative’s global diffusion and carbon neutrality achievement by 2050. The panel discussion had experts exchange views on financial models for supporting carbon-free energy technologies, clean hydrogen expansion, and carbon-free energy cooperation in the APEC region. Lastly, the CFE Initiative Conference organized by the CF Alliance was attended by CF Alliance Chairman Lee Hoe-sung, India’s The Energy and Resources Institute (TERI) Director General Vibha Dhawan, President and CEO of Korea Hydro & Nuclear Power (KHNP) Whang Joo-ho, and IEA Chief Energy Economist Tim Gould, among approximately 1,000 global experts. During talks with CF Alliance Chairman Lee Hoe-sung, TERI Director General Vibha Dhawan maintained that Korea should contribute to mitigating the clean energy technology gap between advanced and developing countries through the CFE Initiative and decarbonization based on its leadership in clean energy technology and climate crisis response. In the subsequent panel discussion, experts opined that the CFE Initiative is a public-private cooperative system through which private sectors’ various carbon neutrality needs can be incorporated into the government support programs. They called for the prompt establishment of CFE implementation standards and shared the anticipation that factoring in major industries’ respective characteristics date2024-09-05

Experts share technology and future prospects at Clean Hydrogen International Forum

The Ministry of Trade, Industry and Energy (MOTIE), Korea Hydro and Nuclear Power (KHNP) and H2KOREA are launching the Clean Hydrogen International Forum (“Forum”) as a special program on the margins of the World Climate Industry EXPO (2024 WCE) through September 4–5 at the Busan Exhibition and Convention Center (BEXCO). Held to take stock of the clean hydrogen industry and discuss future development measures, the Forum is expected to serve as an opportunity for spreading awareness of the need for clean hydrogen and strengthen global cooperation in relevant areas. Roughly 150 hydrogen experts from around the world gathered at the Forum’s opening ceremony, including representatives from the International Renewable Energy Agency (IRENA) and the International Atomic Energy Agency (IAEA) to give keynote speeches on the global trends and future prospects of clean hydrogen. The second day will have global hydrogen firms, including the Norwegian company Nel, and major institutions like the U.S.’ Fuel Cell & Hydrogen Energy Association (FCHEA) share clean hydrogen production demonstrations and progress updates on hydrogen projects, followed by a panel discussion.   date2024-09-04

Korea secures fresh graphite supply chain by inking investment deal on Tanzania’s Mahenge Project

The Ministry of Trade, Industry and Energy (MOTIE) announced that POSCO International signed a USD 40 million equity investment deal with Australia's Black Rock Mining Limited (BRM), which has an 84% interest in the Mahenge Graphite Project in Tanzania, during the Korea-Australia Economic Cooperation Committee on September 3 in Perth. Attending the investment signing ceremony were Korea’s Minister for Trade Inkyo Cheong, Australia’s Minister for Resources and Minister for Northern Australia Madeleine King, and POSCO Group Chairman Jang In-hwa, who also chairs the Korea-Australia Economic Cooperation Committee. The investment agreement is a part of MOTIE’s aims to effectively secure critical minerals in accordance with the ministry’s strategy announced in February last year, and the culmination of its collaboration with businesses to establish a graphite supply chain. In addition to the previous $7.5 million investment made by POSCO Holdings, the investment deal gives POSCO Group a total of 19.9 percent share in BRM. POSCO Group’s deal with the Australian graphite developer secures the Korean conglomerate 30,000 metric tons starting in 2026 and another 30,000 tons starting in 2028, adding up to 60,000 tons per annum. This natural graphite quantity is sufficient for producing 1.26 million units of electric vehicles (EVs) each year, heightening the prospects of diversifying the graphite supply chain and mitigating associated risks. Trade Minister Cheong stated that the investment deal is symbolic of the solid economic cooperation between Korea and Australia and has established a new turning point for Korea in stabilizing the graphite supply chain and overcoming various limitations. He mentioned the Government’s plans to offer tax and other financial incentives going forward in order to lower corporate risks.   date2024-09-04

Minister Ahn meets Bulgaria's caretaker Minister of Energy

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn met Bulgaria's caretaker Minister of Energy Vladimir Malinov on September 3 in Seoul to sign a memorandum of understanding (MOU) on energy cooperation and discuss measures for collaboration in nuclear power and other energy areas. date2024-09-03

Critical Minerals Roundtable

Minister for Trade Inkyo Cheong attended the Critical Minerals Roundtable on September 3 in Perth with the participation of Australia’s Trade and Tourism Minister Don Farrell, Minister for Resources and Minister for Northern Australia Madeleine King, and the Federation of Korean Industries (FKI) Vice Chairman Kim Chang-beom and gave an opening message. date2024-09-03

Korea-IEA joint statement press conference

Director General for Energy Policy Choi Yeon-woo held a press conference with IEA Executive Director Fatih Birol on September 3 at the Korea Press Center in Seoul and announced the Korea-IEA joint statement on the occasion of their joint hosting of World Climate Industry Expo (WCE) in Busan. date2024-09-03

MOTIE-Western Australia Gov't sign clean energy cooperation MOU

Korea's Minister for Trade Inkyo Cheong and Western Australia Premier Roger Cook signed the memorandum of understanding (MOU) between the Ministry of Trade, Industry and Energy (MOTIE) and the Government of Western Australia on September 3 in Perth for establishing the groundwork for clean energy development and processing cooperation. date2024-09-03

Trade Minister visits Pilgangoora Lithium Mine

Minister for Trade Inkyo Cheong visited the Pilgangoora Lithium Mine, the world’s 3rd largest lithium deposit, on September 2 with representatives of POSCO Holdings and Export Finance Australia (EFA). date2024-09-03

Korea and Bulgaria enter MOU on bilateral energy cooperation

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn met Bulgaria's caretaker Minister of Energy Vladimir Malinov today in Seoul to sign a memorandum of understanding (MOU) on energy cooperation and discuss measures for collaboration in nuclear power and other energy areas. They first acknowledged the importance of bilateral cooperation in strengthening energy security and expanding clean energy in view of frequent climate anomalies and persisting geopolitical uncertainties, such as the Middle East tensions and the Russia-Ukraine war. Minister Ahn highlighted that prospects for bilateral cooperation are high, as Bulgaria is actively harnessing clean energy sources like nuclear power (35 percent of power generation) and renewables (20 percent), while Korea is accelerating efforts to attain energy security and carbon neutrality based on carbon-free energy sources. He added that he looks forward to seeing today’s talks act as a catalyst for invigorating the Korea-Bulgaria energy collaboration. On the occasion of the talks, the two sides entered an energy cooperation MOU to enhance cooperation across areas of common interest. A wholly amended version of the energy cooperation MOU previously sealed in 2019, the fresh MOU extends the scope of bilateral cooperation by adding liquefied natural gas (LNG), energy storage, and supply chains to the existing areas of cooperation. In addition, it further specifies the areas of cooperation for nuclear energy, including nuclear new build, continued operation, decommissioning, radioactive waste management, small modular reactors (SMRs), and manpower training. Minister Ahn also introduced the Korean government’s Carbon Free Energy (CFE) Initiative, which aims for the effective achievement of carbon neutrality through the utilization of various carbon-free energy sources, and asked Bulgaria’s support and interest in its global diffusion.   date2024-09-03

Korea and IEA announce joint statement expressing support for Carbon-Free Energy (CFE) Initiative

Korea’s Ministry of Trade, Industry and Energy and the International Energy Agency (IEA) held a press conference today at the Korea Press Center in Seoul and announced the Korea-IEA Joint Statement as follows.     Joint Statement International Energy Agency - Republic of Korea September 3rd, 2024 - Seoul   We, Dr. Fatih Birol, Executive Director of the International Energy Agency, and H.E. Ahn Duk-geun, Minister of Trade, Industry and Energy of the Republic of Korea, emphasize the critical importance of decarbonizing the energy sector, which is fundamental to global economic activity, in order to keep the 1.5°C goal within reach. We also recognize that the growing application of information and communications technology (ICT), the electrification of industries, and rapid industrialization present new opportunities as well as challenges in achieving global carbon neutrality.   We note that at a global level, leveraging all available carbon-free energy sources from a technology-neutral standpoint offers an effective opportunity to limit global warming in the near term while also helping to ensure energy security. We understand that this approach aligns with the United Nations Framework Convention on Climate Change (UNFCCC, 1992), which underscores 'common but differentiated responsibilities and respective capabilities,' taking into account each country’s economic and geographical conditions.   We welcome the outcomes of COP28 in Dubai and the 2024 IEA Ministerial Meeting, which emphasized the need to further develop clean energy technologies and accelerate the deployment of existing, emerging, and new carbon-free technologies, depending on national circumstances and choices.   Support for the CFE Initiative: We note that on October 27, 2023, the Korean government and the Carbon Free Alliance (CF Alliance) jointly launched the 'CFE Initiative,' a global campaign aimed at fostering the decarbonization of Scope 1 and 2 emissions through the comprehensive implementation of various carbon-free energy sources. We highlight that the initiative’s goal is to expand the availability of clean energy sources, thereby helping to reduce the costs borne by nations and industries in achieving net zero by 2050. We underline that this initiative represents a collaborative effort between the public and private sectors, emphasizing not only the utilization of innovative decarbonization technologies and financial investments by individual industries but also the efforts of governments to establish infrastructure and enhance institutions to support these endeavors. We agree that the CFE Initiative is an effective means to accelerate progress towards achieving net zero emissions by 2050, consistent with efforts to limit the rise in average global temperatures to 1.5°C as outlined in the IEA’s 'Net Zero by 2050' roadmap. We encourage all countries and industries to review the key elements of the CFE Initiative to see how it can contribute to their own decarbonization plans.   Highlighting Collaboration: We note the collaborative research project between the IEA and the Republic of Korea, which commenced in March 2024. The project’s primary objective is to analyze the viability of deploying a diverse range of carbon-free energy sources in major global economies and to publish a report titled 'Achieving Net Zero Based on the CFE Initiative' to advance global efforts towards meeting energy security and sustainability objectives. We welcome the joint efforts by the IEA Secretariat and Korea in organizing the World Climate Industry Expo (WCE) to be held in Busan from September 4-6, 2024. We emphasize that the WCE aims to showcase the benefits of embracing a range of carbon-free energy solutions and the latest advancements in carbon reduction technologies. It will offer new opportunities to address the urgency date2024-09-03