Joint Korea-IEA Declaration Announced at 3-Day Press Conference
Support Expressed for CFE Initiative
President Yoon Seok-yeol Also Met the Day Before
Party Birol, Secretary-General of the International Energy Agency (IEA), is speaking at a press conference held at the Press Center in Jung-gu, Seoul on the morning of the 3rd. 2024.9.3 [Photo by Yonhap News]
Fatih Birol, Executive Director of the International Energy Agency (IEA), who visited Korea to attend the Climate Industry International Expo held at BEXCO in Busan from the 4th to the 6th, explained that the importance of nuclear power is increasing in response to energy security and climate change. Executive Director Birol also emphasized that nuclear power is safe and that there is no room to exclude it.
On the 3rd, Executive Director Birol held a press conference at the Seoul Press Center and announced the Korea-IEA joint declaration. In this joint declaration, the IEA expressed support for the Carbon-Free Energy (CFE) initiative led by the Korean government. The CFE initiative is a campaign aimed at realizing carbon neutrality by utilizing not only renewable energy but also carbon-free energy sources such as nuclear power and hydrogen. President Yoon Suk-yeol advocated the CFE initiative in his keynote speech at the United Nations General Assembly last October.
First, Executive Director Birol explained that despite the climate crisis, global demand for fossil fuels such as crude oil and natural gas continues to increase, while production of renewable energy and demand for electric vehicles are also expanding. Birol stated, "85% of the increase in global power generation this year will be based on renewable energy such as solar power," adding, "This is possible because the cost of solar power generation continues to decline."
Investment in clean energy is also increasing. Executive Director Birol projected, "Global energy investment will exceed 3 trillion won for the first time this year, with 2 trillion won of that invested in clean energy." He explained that this represents a doubling of investment in clean energy sources compared to about ten years ago. He also forecasted that electric vehicle sales will approach 20 million units this year, with one in five cars sold being electric.
Executive Director Birol explained, "Although renewable energy is expanding worldwide, renewable energy sources have many variables depending on weather conditions, and there may be countries poor in clean energy depending on geographic location or conditions," adding, "Energy sources that can be supplied stably year-round will be important for energy security and climate change." He further added, "Considering Korea's current situation, there is room to expand nuclear power for energy security and climate response."
He explained, "Korea's nuclear power production technology has enjoyed a long-standing reputation in terms of time and budget," and that expanding nuclear power domestically will positively affect nuclear power exports.
Executive Director Birol said that in his meeting with President Yoon Suk-yeol the previous day, he emphasized the importance of Korea's role in the global spread of clean energy.
He stated, "Manufacturing of clean energy such as solar power, batteries, electrolysis, and refining of critical minerals is concentrated in a few countries, posing challenges for the global transition to clean energy," and added, "I highly appreciate Korea's efforts to transfer clean energy manufacturing and critical mineral refining technologies to other countries." This is interpreted as emphasizing that Korea should be an alternative in a situation where China dominates supply chains for solar power, renewable energy, batteries, and critical minerals.
Along with this, Executive Director Birol congratulated Korea on changing its government policy direction to become a nuclear power stronghold and said, "I believe Korea's nuclear power exports will increase worldwide in the future."
Regarding some environmentalists opposing additional nuclear power plant construction due to safety and nuclear waste disposal facilities, Executive Director Birol emphasized, "Nuclear energy is safe," and "The fact that more and more countries are building reactors proves that nuclear power is safe." He added, "There is no reason to exclude nuclear power when energy security must be addressed."
He predicted that nuclear power generation will increase by 22% worldwide this year and forecast that the growth rate will be record-breaking next year. Executive Director Birol explained, "According to the IEA's net-zero roadmap, global nuclear power capacity must more than double by 2050," adding, "We need to extend the lifespan of existing nuclear plants, start constructing new ones, and innovate new technologies such as Small Modular Reactors (SMRs)."
Executive Director Birol also expressed confidence in the future of eco-friendly vehicles. He mentioned that he is well aware of the recent issues regarding electric vehicle safety in Korea and said, "Electric vehicles face many challenges such as price, driving range, and infrastructure," but added, "These challenges will be resolved over time, and the future of automobiles will be dominated by eco-friendly vehicles such as electric, hybrid, and hydrogen cars."
On this day, the IEA expressed full support for the CFE initiative led by the Korean government. Executive Director Birol said, "IEA member countries account for 80% of the world's energy sources," and added, "I believe more countries will support CFE in the future." He also pledged to create opportunities to discuss CFE at international conferences hosted by the IEA.
Regarding this, Choi Yeon-woo, Director of Energy Policy at the Ministry of Trade, Industry and Energy, who was present, said, "We are trying to establish a CFE initiative working group in conjunction with the Clean Energy Ministerial meeting to be held in October," and added, "We expect this will lead to greater participation." According to the government, the CFE initiative has so far secured support from eight countries including the United Kingdom, France, Japan, the Netherlands, Saudi Arabia, the United Arab Emirates (UAE), Romania, and Cambodia.
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