Heo Dongsu: "We Must Transition to an Energy Low-Consumption and High-Efficiency Structure"

IGE International Conference Held
"Rational Mix Needed for Renewable Energy and Nuclear Power"

"The paradigm shift in the global energy industry poses challenges to GS Caltex."

Huh Dong-soo, Honorary Chairman of GS Caltex, warned of the crisis sweeping the energy industry. He also advised that a rational mix of various energy sources such as renewable energy and nuclear power is necessary to prepare for the energy crisis. Although he stepped down from frontline management in 2016, the 'Mr. Oilman' passion for the energy industry has not faded.

On the 26th, Honorary Chairman Huh attended an international conference hosted by the World Economy Research Institute at the Grand Intercontinental Seoul Parnas Hotel, where he shared his views on energy security, climate change, and carbon neutrality. This conference was sponsored by GS Caltex.

Honorary Chairman Huh pointed out, "The prolonged Russia-Ukraine war continues to cause instability in resource and logistics supply," adding, "Economic bloc formation centered on the U.S. and China is intensifying, highlighting the stability of energy resource production and supply chains as a critical issue for the global economy." He further explained, "The sense of crisis regarding energy security among countries worldwide is higher than ever before," and "The unprecedented geopolitical confrontation has served as a reminder that oil remains a key energy source driving the global economy."

He proposed, "South Korea, an absolute resource-poor country with a 94% dependence on overseas resources, is extremely vulnerable to changes in the energy market. Considering the realistic importance of fossil fuels, we must proactively and comprehensively prepare for the energy crisis through a rational mix of various energy sources, including renewable energy and nuclear power."

He also emphasized the need for bold government support regarding carbon neutrality. He stated, "We must establish 'challenging yet realistic goals and implementation plans' by comprehensively considering the unique characteristics of our industry and economic structure," adding, "When the industry values the future of low-carbon industries and secures leading technologies, combined with bold policy support from the government, South Korea can accelerate its transition to a decarbonized society."

Furthermore, he stressed the necessity of transitioning to a low-energy consumption and high-efficiency structure. He urged, "The transition to a low-energy consumption and high-efficiency structure is the most fundamental and first step in building a sustainable energy system," and "All economic actors?government, companies, and citizens?must unite their efforts to achieve fundamental energy efficiency innovation and establish a culture of conservation."

Huh Dong-soo, Chairman of GS Caltex, is delivering a commemorative speech at the anniversary ceremony held on the 18th.

Honorary Chairman Huh earned his master's and doctoral degrees in chemical engineering from the University of Wisconsin Graduate School in the United States. After working as a researcher at global major Chevron, he joined GS Caltex. He established his position as an energy expert by achieving the first-ever $20 billion and $25 billion export awards in the refining industry and successfully acquiring equity in the Abu Dhabi onshore oil operating company’s production oil field, Jogwang-gwon.

Meanwhile, at the event, to seek solutions for sustainable growth and energy transition amid the global economic recession crisis, speakers included Fred Bergsten, Honorary Director of the Peterson Institute for International Economics (PIIE); Robert Zoellick, former President of the World Bank; Anne Krueger, former Senior Deputy Managing Director of the International Monetary Fund (IMF) and World Bank; Nobel laureate Michael Spence, professor at Stanford University; and Robert Merton, Institute Professor at MIT.

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