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| Minister of Trade, Industry and Energy Lee Chang-yang delivers a congratulatory speech at Korea Press Center in Seoul, Wednesday. Yonhap |
By Lee Kyung-min
A public-private forum has been launched to help local businesses adjust to the global wave of strengthened greener energy mandates, according to the industry ministry and the country's business network, Wednesday.
The forum seeks to review and promptly implement ways of reaching zero-carbon power generation, including nuclear energy and clean hydrogen, mostly by establishing internationally recognized energy certification systems.
Propelling the drive is the rapid spread of RE100, a global initiative embraced by advanced economies whereby all energy is sourced from renewables. The U.S.-led campaign is not binding. But using expensive renewables can push up production costs, leading to a price disadvantage for local players on the global stage in the long term.
The Ministry of Trade, Industry and Energy the Korea Chamber of Commerce and Industry (KCCI) said the launch of the forum will achieve the dual objectives of effective climate change responses and a stable and affordable energy supply.
"RE100 is an important campaign, but an extremely challenging push for local companies due to power conditions unfavorable to rapidly expanding the use of renewables," said Minister of Trade, Industry and Energy Lee Chang-yang at the event, celebrating the launch of the forum at Korea Press Center in Seoul.
"We will outline policies and systems that factor in power conditions and limitations, under a broadened definition of carbon-free energy."
The green energy drive is increasingly shaking up the global energy landscape, as evidenced by the Biden administration's executive order issued in 2021 whereby the power of federal facilities must be carbon-free by 2030.
The country granted tax benefits to all energy suppliers that do not produce greenhouse gases, in what observers say is a more neutral approach from the Inflation Reduction Act (IRA), a tight regulation that denied tax incentives to certain types of power generation not recognized by the government.
Similarly, Japan put in place a non-fossil power system in 2018, and the U.K. added nuclear power to the list of energy types eligible for government subsidy in 2012.
Among the attendees were officials of Samsung Electronics, LG Energy Solution, SK hynix and POSCO, GS Energy and Doosan Enerbility.
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