Minister of Industry: "Industry Must Lead Energy Price Stabilization... Promoting Enactment of Special Resource Security Act"

Minister Moon Seung-wook speaking
(Seoul=Yonhap News) Moon Seung-wook, Minister of Trade, Industry and Energy, is speaking at the 'Textile Fashion Digital Transformation Meeting' held at the Seoul Textile Center conference room on February 10, 2022.
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[Asia Economy Sejong=Reporter Lee Jun-hyung] Moon Seung-wook, Minister of Trade, Industry and Energy, emphasized that the industrial sector must take the lead in ensuring stable energy supply and price stabilization.

Minister Moon made these remarks at the ‘Energy Industry Carbon Neutrality Public-Private Exchange Meeting’ held on the 11th. This exchange meeting was organized by the government to share policy directions related to the energy industry's carbon neutrality implementation and the establishment of an energy security foundation.

On the day, Minister Moon pointed out that energy prices have surged sharply since the end of last year, and resource weaponization continues. He said, “To turn this crisis into an opportunity for improving the energy industry's structure and creating new growth engines, the government and industry must unite more than ever,” adding, “We are also promoting the enactment of a Special Act on Resource Security to secure stable supply chains not only for traditional energy sources such as oil and gas but also for hydrogen and critical minerals.”

Minister Moon urged the industrial sector to strengthen investments in future energies such as hydrogen and actively discover new industries. He stated, “We must create new markets through the convergence of industry and energy and develop a competitive energy industry as a new growth engine,” and added, “It is necessary to improve the energy market and system to fit the new era, including the advancement of the electricity market and the transition to a carbon-neutral friendly tariff system.”

Meanwhile, about 80 key figures from the energy industry attended the exchange meeting, including Minister Moon, Kim Kwang-sik, Chairman of the Energy Foundation, Choo Hyung-wook, CEO of SK E&S, and Kim Dong-wook, Vice President of Hyundai Motor Company. The industry holds the position that implementing carbon neutrality and securing energy security are essential for the sustainable development of the sector. Additionally, the industry plans to strengthen cooperation among companies and public-private joint investments to enhance global market competitiveness.

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