The United Kingdom and South Korea are set to ink a groundbreaking Clean Energy Partnership in an exciting development. This visionary agreement aims to supercharge investment and trade within their rapidly growing clean energy sectors.
The historic signing ceremony, scheduled to take place in London, will witness the participation of key figures, including Claire Coutinho, Secretary for Energy Security and Net Zero, representing the UK, and Bang Moon Kyu, Minister for Trade, Industry, and Energy from the Republic of Korea.
At its core, this partnership commits both nations to bolster cooperation across a spectrum of shared objectives, spanning the realms of clean energy transition, low-carbon technologies, civil nuclear, and domestic climate policies. But that's not all. It's also a platform for fostering collaboration between businesses from the UK and Korea, dismantling trade barriers, and fostering the mutual advancement of each other's energy sectors, as declared by the governments.
The revelation that South Korean enterprises are poised to inject a substantial £10 billion in fresh investments into the UK adds an extra layer of excitement to this news. This financial infusion will catalyze several high-profile ventures in renewable energy and low-carbon infrastructure.
"The UK and the Republic of Korea already have a strong relationship on energy security and tackling climate change," said Coutinho. "The new partnership we will sign will see us collaborate even more closely, driving forward shared plans to accelerate clean energy sources, like renewables and nuclear power.
"This will help us make the green transition while supporting the injection of more than £10bn into the UK economy from South Korean businesses and the thousand skilled jobs that come with that."
In a specific commitment, the two governments have pledged to intensify cooperation in civil nuclear development to reduce dependence on materials sourced from Russia. Additionally, they will exchange valuable insights on offshore wind development, delve into deeper collaborations in hydrogen development, fortify the existing partnership between the National Grid and Korea Electric Power Corporation for grid development, and bolster clean tech research and development cooperation.
Furthermore, this partnership is poised to enhance trade relations. UK offshore wind developers are pivotal in aiding Korea's ambitious plan to install 14.3 GW of offshore wind capacity by 2030.
The excitement doesn't end there. Korea's SeAH Wind Ltd has unveiled plans to invest a staggering £650 million in building a state-of-the-art factory for manufacturing offshore wind monopiles in Teesside. This move is expected to create up to 750 jobs by 2030.
Meanwhile, numerous offshore wind developers have announced their intentions to expand their footprint in the UK and Korea, solidifying the bright future of clean energy collaboration between these two nations.
"BP is delighted to reconfirm our support to developing offshore wind in South Korea, working in partnership with stakeholders to support the country's energy transition," said Louise Kingham, head of country at BP.