First Chair of Private-led Energy Union Yujeongjun: "We Must Establish New Governance"

Yoo Jung-jun, Vice Chairman of SK E&S, Appointed as Inaugural Chairman of 'Private-led' Energy Alliance

At the 'Energy Alliance Launch Ceremony' for the Carbon Neutral Innovation Initiative held on the afternoon of the 6th, participants are taking a commemorative photo after signing the agreement. From the left: Hyoyong Seok, CEO of Hyundai Research Institute; Sangwoo Kim, CEO of DL Energy; Yeonin Jang, CEO of Doosan Heavy Industries & Construction; Kisup Jung, CEO of POSCO Energy; Jeongjun Yoo, CEO of SK E&S; Yunmo Sung, Minister of Trade, Industry and Energy; Yongsu Heo, CEO of GS Energy; Jayong Koo, CEO of E1; Inseop Jeong, CEO of Hanwha Energy; Dongwook Kim, Vice President of Hyundai Motor Company; Wonpyo Song, Vice President of Hyosung Heavy Industries.

[Asia Economy Reporter Hwang Yoon-joo] Yoo Jung-joon, Vice Chairman of SK E&S, was appointed as the inaugural chairman of the Energy Alliance, which was launched on the 6th under the leadership of private companies. The Energy Alliance is a coalition centered on private companies and research institutions to respond to carbon neutrality policies and support energy transition policies. This is the first time that private energy companies have formed a consultative body on their own to address carbon neutrality policies.

At the launch ceremony, CEOs of 10 private companies including SK E&S, GS Energy, POSCO Energy, Hanwha Energy, DL Energy, Doosan Heavy Industries & Construction, Hyundai Motor Company, Hyosung Heavy Industries, E1, and Hyundai Economic Research Institute held a preliminary meeting before the ceremony. The representatives of the participating companies signed a Memorandum of Understanding (MOU) on mutual cooperation for the establishment of the Energy Alliance and agreed to actively cooperate in responding to carbon neutrality and promoting energy transition.

The newly launched Energy Alliance was formed in response to the need for a channel to discuss the future direction of the entire energy industry in line with the global decarbonization trend. To this end, there was a consensus on the necessity of establishing a private-sector-led governance system in the energy sector.

Minister Sung Yun-mo, who attended the launch ceremony, stated, "With the launch of this Energy Alliance, I hope our energy companies will respond to the challenging task of carbon neutrality while creating new growth engines such as fostering new energy industries."

Yoo Jung-jun, Vice Chairman of SK E&S

Fatih Birol, Executive Director of the International Energy Agency (IEA), said in a video message, "Achieving net zero is never easy, and it is even more difficult under the COVID-19 situation," adding, "I am pleased to support the efforts of the South Korean government and private companies toward net zero."

Yoo Jung-joon, Chairman of the Energy Alliance, said, "Major countries and global companies around the world are engaged in fierce competition to take the lead in the carbon-neutral era," and added, "As Korea is a manufacturing powerhouse, the carbon neutrality trend inevitably has a tremendous impact, so we will strive to establish a new governance system for the energy industry."

Huh Yong-seok, President of the Hyundai Economic Research Institute, pointed out that implementing carbon neutrality is not easy and emphasized the need for the private sector to lead and for the energy industry to build a co-prosperity ecosystem. President Huh said, "The Energy Alliance must become a corporate consultative body that leads the 2050 carbon-neutral era with a new governance vision and mission."

Meanwhile, Yoo Jung-joon, Vice Chairman of SK E&S, is scheduled to officially take office through the Energy Alliance’s inaugural general meeting to be held next month.

This content was produced with the assistance of AI translation services.