Nuclear energy drives green transition: experts

The Korea Times

The Korea Times

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Sat, September 30, 2023 | 12:44

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Nuclear energy drives green transition: experts

Posted : 2023-05-25 16:34

Updated : 2023-05-25 18:36

Fatih Birol, executive director of International Energy Agency / Courtesy of World Climate Industry Expo

By Lee Kyung-min

BUSAN ― Russia's invasion of Ukraine sent ripple effects throughout the energy market, pushing up energy prices over the past few years. But at the same time the clean energy transition has become "turbocharged," with nuclear energy making a strong comeback as a green energy source, according to Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA), Thursday.

He gave a keynote speech titled, The State of the Energy Transition: Implications for Energy Security and Geopolitics, at the World Climate Industry Expo (WCE) held from May 25 to 27, alongside prof. Richard A. Muller, Emeritus Professor of UC Berkeley.

The international event was organized to paint a picture of how Korea is willing and able to host World Expo 2030. Among the attendees were world-renowned scholars and opinion leaders, as well as 500 local and foreign firms and organizations.

This week's event theme is titled, Rising above the Climate Crisis towards Sustainable Prosperity, in line with that of the World Expo 2030 theme, Transforming Our World, Navigating Toward a Better Future.

The climate event will promote clean energy as a new growth engine. Included are the opening ceremony, business leaders' conferences and a tech exhibition. The 2030 Busan Expo Promotion Hall has opened for business figures to use as a venue for networking and seeking expert consultations on export strategies.

Guests visit promotion booths at the World Climate Industry Expo Business Roundtable at BEXCO, Busan, Thursday. Yonhap

Korea doubles efforts toward carbon neutrality

"I can tell you that the idea we had some two years ago has been confirmed," the IEA economist said during the keynote speech. "In the last year we have seen nuclear capacity additions globally reached about 40 percent."

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2023-05-25 16:34 | Companies

Another key area is electric cars. Globally there is a huge growth of electric cars in China, Europe in the U.S. and everywhere.

"Korea is making strong efforts here and our numbers show that in Korea last year electric car sales increased by a strong 50 percent. This together with energy efficiency, another important indicator, is fueling the turbocharging of global clean energy transition."

Prime Minister Han Duck-soo, right, Korea Chamber of Commerce and Industry Chairman Chey Tae-won, second from right, Busan Mayor Park Heong-joon, fourth from right, are on a tour of green hydrogen technology exhibition booth at the World Climate Industry Expo at BEXCO, Busan, Thursday. Yonhap

The economist stressed that companies around the world have a business opportunity to invest in the different parts of supply chains for clean energy technologies.

"IEA will provide a roadmap for governments, for industry, and for the investors to find out that they have a competitive advantage with others."

Prof. Richard A. Muller, emeritus professor of UC Berkeley / Courtesy of World Climate Industry Expo

The next speaker of UC Berkeley shared his thoughts encapsulated in a speech titled, Low Carbon Power: Indispensable for clean and sustainable energy.

Korea leads the world in the development of nuclear power and it's because the country's industry works together with the government to problem-solve whereas so often in the U.S., the government impedes the development of new technology.

"What I see happening here today is not just business taking on global warming but a coalition of business and government and half of the responsibility is in the government," he said.

"You have a tradition in Korea, which we don't have in the U.S. of having this coalition really work. You serve as an example."

Prime Minister Han Duck-soo said during his congratulatory speech that carbon neutrality is not an option, since environmental regulations and trade barriers are strengthening in advanced economies.

"The government plans to mobilize all available policy assistance to support businesses to adopt carbon neutrality practices and grow further as climate industry leaders."

lkm@koreatimes.co.kr