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Cabinet officials

Korea and US Agree on Increased Carbon-Free Energy and Energy Cooperation

Strategic Insights

— 1 min read

Korea and the US agreed to strengthen energy cooperation, including increasing carbon-free energy, lowering dependence on fossil fuels, and enhancing energy efficiency in industrial, building, and transport areas. The two countries also discussed measures for swift implementation of clean energy policies, with a focus on securing the energy resources supply chain, including critical minerals. The agreement was reached during the "Korea-U.S. Energy Ministers' Conference" held on April 27, as part of South Korean President Yoon Suk-yeol's state visit.

Key Takeaways:

  • Minister Lee emphasized the importance of cooperation between allies in expanding clean energy and strengthening energy security, proposing that the two countries work together to achieve carbon neutrality through various forms of energy, such as renewable, nuclear, and hydrogen energy.
  • The two ministers agreed to increase carbon-free energy, lower dependence on fossil fuels, and enhance energy efficiency in industrial, building, and transport areas.
  • A total of 13 MOUs have been signed between Korea and the US in areas such as SMR, nuclear fuel, hydrogen, CCUS, wind energy, clean energy, and critical minerals.
  • Minister Lee requested that Korean companies be given the opportunity to participate in the US' clean hydrogen projects and expand charging stations.
  • The two ministers discussed measures for bolstering joint efforts in strengthening the clean energy supply chain and relevant technological commercialization.
  • Minister Lee requested that the US Department of Energy's Loan Programs Office (LPO) make its programs accessible to Korean firms and discussed joint financial assistance measures through collaboration of K-SURE and LPO.
  • The two ministers agreed to expand the development and supply of private sector nuclear energy in the global market through financial sourcing and heightening resiliency of nuclear power supply chain.

Statistics:

  • 13 MOUs have been signed between Korea and the US in areas such as SMR, nuclear fuel, hydrogen, CCUS, wind energy, clean energy, and critical minerals.
  • The Korea-U.S. Energy Ministers' Conference was held on April 27 as part of South Korean President Yoon Suk-yeol's state visit.

Sources:

  • South Korean Ministry of Trade, Industry and Energy issued the following news release on April 28.
  • South Korean Ministry of Trade, Industry and Energy.

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