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| This photo shows the Anholt offshore wind farm in Denmark. Some of the biggest players in the global wind industry right now are Danish, and many of them have already entered the Korean market for its great potential. Courtesy of Orsted |
Demand for a greener economy is gaining momentum worldwide and with it, comes huge potential for job creation and securing the next big growth engine. In fact, a Danish study found that 14,600 full-time-equivalent jobs are created throughout the value chain for every 1 gigawatt (GW) of offshore wind generated, demonstrating that it is possible to achieve economic growth and carbon emission reductions at the same time. The country of Denmark itself is living proof of this combination. How did it do it, and can this be done elsewhere ― in Korea, for example?
Once upon a time, Denmark was also dependent on imported fossil fuels. Then the 1970s Oil Crisis hit, prompting Denmark to explore alternatives. Renewable energy ― in particular wind power ― was identified as one of the best, viable, long-term solutions for its energy independence. Denmark rolled up its sleeves to develop its wind industry and in 1991, became the first country in the world to commercialize offshore wind. Fast-forward to today, where some of the world's top-tier companies were born either in Denmark or in collaboration with it: (in alphabetical order) Bladt Industries, Copenhagen Infrastructure Partners, LM Wind Power, Orsted, Siemens Energy AG and Vestas, just to name a few. On average, Denmark now meets over 70 percent of its domestic electricity demand with renewable energy. It has established itself as a global leader in the field ― a true happily ever after.
Korea can do the same and become the green giant of Asia. It has many companies that can be seamlessly integrated into its capacity for offshore wind, such as (in alphabetical order) CS WIND Corporation, Hyundai E&C, LS Cable & System, POSCO, SamKang M&T, SK E&S, and so on. This potential has not gone unnoticed by the Danish wind sector and many major wind companies have entered the Korean market. With such strong Danish and Korean players already in the game, it will be a breeze for Korea to gain a first-mover advantage in Asia if it decides to commit to its wind industry.
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| Participants at the 2022 Korea-Denmark Green Hydrogen Alliance Round, co-hosted by the Danish embassy in Korea, Feb. 25. The embassy aims to launch a Korea-Denmark Green Hydrogen Alliance this year to support bilateral collaboration in the green hydrogen industry. Courtesy of the Embassy of Denmark in Korea |
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Such efforts will require the right regulatory framework. Here, once again, cooperation with Denmark is advantageous. With more than 40 years of experience regulating offshore wind and securing local acceptance, Denmark can share best practices and expertise that can help in tailoring laws, regulations and approaches that support industrial growth while guaranteeing important societal interests. The Danish-inspired "One Stop Shop" bill Korea introduced to simplify the permit process is a great example of this. It reflects Denmark's experience in successfully streamlining the pre-development process by making the Danish Energy Agency (DEA) the "control tower" or overseeing agency for all permits, thereby cutting down on the time, risk and resources required. The DEA and the Korean Energy Agency have been close partners since 2018, and last year, the two agreed to extend cooperation to the end of 2024.
Korea and Denmark are astonishingly compatible even in the next step of the green revolution: green hydrogen. The sustainable production of hydrogen is expected to play a key role in powering ships, airplanes, heavy transport, as well as the cement, steel and aluminum industries ― all that would be difficult to decarbonize otherwise. Korea and Denmark are one of the most proactive advocates of green hydrogen, with Korea passing the world's first hydrogen economy law in 2020 and Denmark announcing a national Green Hydrogen (Power-to-X) strategy in 2021. With Korea's superiority in utilizing hydrogen and Denmark's upper hand in producing green energy, the two are a perfect match in ushering in the next phase of the world's green transition.
To support this, the Embassy of Denmark in Korea, through its trade council and Innovation Centre Denmark, will be launching a bilateral Hydrogen Alliance in 2022 to promote joint innovation R&D and strengthen the ties between the nations' industries. It seems the winds of change are blowing at our backs as Denmark and Korea pave the way for a greener future. Those interested are welcome to contact the embassy.
This article is provided by the Embassy of Denmark in Korea.
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