Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok delivers a congratulatory speech during the Korea Times Forum, titled "Powering the future: Korea's energy transition," at the Korea Chamber of Commerce and Industry in central Seoul, Wednesday. Korea Times photo by Choi Won-suk

Government officials, scholars and experts reaffirmed Korea's urgent need for energy transition and shared their insights on the best strategies for achieving sustainable energy solutions in the country during the Korea Times Forum, Wednesday.

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok pledged to promote industries related to carbon-free energy as Korea's new driver of economic growth. He also emphasized that the government aims to achieve tangible outcomes, similar to the country's recent nuclear power plant exports to the Czech Republic.

The forum, hosted by The Korea Times under the theme “Powering the Future: Korea's Energy Transition,” welcomed nearly 200 diplomats and officials from leading Korean businesses. They shared their perspectives on how to seize opportunities in the global battle against climate change.

During his congratulatory speech, Choi emphasized that countries are developing sustainable and efficient energy transition policies to leverage their unique strengths while forming partnerships and alliances based on their interests. In this context, Korea is also striving to seize opportunities by taking strategic steps to stay ahead of global trends.

“Since the field of carbon free energy is a rich source of economic growth and job creation, the government will make tireless efforts to provide financial, fiscal and tax incentives as well as improving regulations,” Choi said.

“Particularly, Korea is already riding the crest of the global nuclear energy renaissance, leveraging the country's technological prowess. As we have done in the Czech Republic and the Middle East, we will continue delivering tangible outcomes in the future.”

Participants attend the Korea Times Forum, titled "Powering the future: Korea's energy transition," at the Korea Chamber of Commerce and Industry in central Seoul, Wednesday. Korea Times photo by Shim Hyun-chul

Choi was referring to the Yoon Suk Yeol government's campaign to win orders for global nuclear power projects.

Following Korea's success in securing a nuclear power contract in the United Arab Emirates in 2009, Seoul was chosen as the preferred bidder for a new project in the Czech Republic in July. Building on its track record, Korea is now intensifying efforts to secure orders in Southeast Asia. Earlier this month, it reached an agreement with the Philippines to assess the feasibility of constructing a nuclear energy facility there.

The deputy prime minister noted that the government is enhancing the country's carbon-free energy mix by pursuing a special act on offshore wind power, establishing renewable energy clusters, and easing regulations on the distances required between solar facilities and residential areas.

“Energy transition is both a major challenge for our economy and future generations, and a rare opportunity to reshape global geopolitical influence,” Choi said. “The national energy transition policy is a complex equation which should consider economic structure, industrial ecosystems, the environment and energy security from a long-term perspective, while pursuing a social consensus.”

Czech Ambassador to Korea Ivan Jancarek delivers a special speech on nuclear cooperation between the two nations during the Korea Times Forum at the Korea Chamber of Commerce and Industry in central Seoul, Wednesday. Korea Times photo by Shim Hyun-chul

In a special speech, Czech Ambassador to Korea Ivan Jancarek also underscored that climate change is “an indisputable factor,” citing floods that hit his country in September, and the importance of nuclear power in the energy transition period.

“Czechia as well as Korea are typical examples of countries whose energy mixes are dependent on fossil fuels, renewable sources and nuclear energy,” the ambassador said. “Both want to meet their environmental obligations and remove fossil fuels from their energy mix as soon as possible … However, it is becoming increasingly clear that without the involvement of nuclear sources, it will not be possible to carry out this energy transformation.”

Referring to the nuclear plant deal between the two nations, the ambassador said, "Together, I mean the Czech and Korean industries, we can create an essential global hub for the renaissance of the construction of nuclear blocks in the world."

Seung Myung-ho, chairman of The Korea Times and its sister paper The Hankook Ilbo, emphasized that the extreme heat wave that scorched Korea last summer highlights the urgent need to innovate energy policies. He urged all involved parties to engage in thorough discussions to identify sustainable energy solutions and intensify efforts to combat climate change.

“In the process of energy transition, the world is looking into the feasibility of nuclear, solar, wind, hydrogen and other renewable energy sources, but at the same time we are also realizing that we must address the complex challenges posed by technological limitations, economic burdens, and social acceptance of each energy source,” Seung said.

“Our goal goes beyond merely transitioning energy sources; we are seeking to maximize energy efficiency while ensuring the diversity and stability of energy resources.”

Seung Myung-ho, chairman of The Korea Times and its sister paper The Hankook Ilbo, declares the opening of the Korea Times Forum at the Korea Chamber of Commerce and Industry in central Seoul, Wednesday. Korea Times photo by Shim Hyun-chul

Sustainable transition

In his keynote speech, McKinsey & Company associate partner Kshitij Dua presented an analysis of various climate change scenarios and their economic repercussions. He concluded that “the transition is imminent” and emphasized that “it is about reshaping economies, rethinking our consumption habits, and addressing the environmental impact that jeopardizes our future.”

David Jones, country manager of Korea at German offshore wind power developer RWE Renewables, stressed the role of offshore wind in Korea's future energy mix when coal is phased out, and called for the Korean National Assembly's efforts to pass a special bill on wind energy initiatives.

“We need to shift the sometimes negative narrative of offshore-wind-versus-nuclear to one of offshore-wind-and-nuclear,” Jones said in his special speech. “For over two years, a proposed special bill on offshore wind has been debated between parties. The proposed bill, if passed by the congress (the Assembly), would enable the government to further extend the offshore wind roadmap up to 2030 and beyond, providing the industry and investors with a clear indication of the government's intent to grow a strong pipeline of offshore projects.”

Ambassador of Denmark to Korea Svend Olling applauds during the Korea Times Forum at the Korea Chamber of Commerce and Industry in central Seoul, Wednesday. Korea Times photo by Choi Won-suk

In the following session 1, Jones, Chung-Ang University professor Jerng Dong-wook, and EcoPro Director Yang Je-heon discussed the challenges and opportunities in expanding sustainable energy solutions, with Dua serving as the moderator.

In session 2, Kim Sung-woo, head of the Environment & Energy Research Institute at Kim & Chang, Kyung Hee University professor Chung Bum-jin, and Korean-German Chamber of Commerce and Industry President and CEO Martin Henkelmann debated strategies for energy transition and energy mix, with United Nations Global Compact Network Korea Executive Director Yoo Yeon-chul moderating the discussion.