"Korea's Innovation Capabilities to Drive Economic Growth Through Clean Energy Transition"

Kim Sungwhan, Minister of the Ministry of Climate, Energy and Environment (third from the left in the photo), is making a declaration of action wishing for a green transformation created together with representatives from various sectors at the opening ceremony of the "Green Great Transformation International Week," held on the 20th at Yeosu Expo Convention Center in Yeosu, Jeollanam-do. Ministry of Climate, Energy and Environment

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As the war between the United States and Iran has heightened the energy security crisis, climate and energy experts around the world agreed that the energy transition will serve as a driving force to strengthen energy security and lead economic growth. There was also analysis that the current energy crisis could present an opportunity for the Korean economy.

At the opening ceremony of the Green Great Transition (GX) International Week held at the Yeosu Expo on April 20, Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), delivered a congratulatory video message, saying, "Clean energy, which is cheaper, safer, and can be deployed to the market more quickly, is the answer to the fossil fuel cost crisis," and emphasized, "Renewable energy will allow governments to regain control over their economies and national security."

He went on to say, "The current crisis will create tremendous opportunities for energy and construction companies to build clean infrastructure across Asia," adding, "If Korea leverages its highly skilled workforce and excellent technological innovation capabilities, the global transition to clean energy could become an opportunity for Korea to experience long-term economic prosperity across generations."

As the world rushes to shift to renewable energy due to the ongoing energy crisis in the Middle East, there are expectations that Korean companies with outstanding technological capabilities will benefit.

At the opening keynote speech, Kim Sung-hwan, Minister of Climate, Energy and Environment, stated, "Energy has become a key factor that determines not only the response to the climate crisis but also the future of our economy and industry," and explained, "Countries are now faced with the new challenge of ensuring a stable energy supply while simultaneously reducing carbon emissions."

Minister Kim added, "The Republic of Korea has decided to pursue energy transition as a national growth strategy based on political determination and execution capabilities," and continued, "By 2030, we aim to achieve a renewable energy generation share of over 20%, leap forward as a powerhouse in green manufacturing, and achieve balanced regional development through the energy transition." He also presented a roadmap to reduce the share of fossil fuels to 66% or less and expand the electrification ratio to 30% by 2030.

It was confirmed that countries around the world are also accelerating the energy transition as part of their economic growth and energy security strategies. Takehiro Matsuo, Vice Minister of Economy, Trade and Industry of Japan, said in his keynote speech, "Japan's GX policy aims to promote decarbonization in a gradual and realistic manner while simultaneously ensuring economic growth and energy security."

Japan has set ambitious targets to reduce greenhouse gas emissions by 60% by 2035 and by 73% by 2040 compared to 2013 levels. Vice Minister Matsuo emphasized, "We will provide economic incentives through the emissions trading system and carbon pricing, and induce private investment and technological innovation," and added, "To promote a decarbonized economy, Japan issued the world's first GX Transition Bond." He also noted that Japan referred to Korea's case when introducing its emissions trading system.

Ugo Astuto, Ambassador of the European Union to Korea, introduced the EU's energy transition policy, stressing, "While greenhouse gas emissions have decreased and clean energy has increased, the economy continues to grow," and added, "Through the green great transition, we can create jobs while also ensuring energy security."

At the opening ceremony, high-level officials from major countries discussed energy transition barriers and practical international cooperation measures under the chairmanship of Kim Sang-hyup, Secretary-General of the Global Green Growth Institute (GGGI). Participants cited energy transition as a solution to overcome the energy crisis that countries around the world are facing in light of the recent Middle East situation.

Anne Kari Hansen Ovind, Norwegian Ambassador to Korea, explained, "The supply chain disruptions that began in the Middle East are affecting the entire world," and emphasized, "Energy transition is essential for strengthening security and supply chains." Ambassador Ovind added, "By utilizing renewables such as solar, wind, and hydropower, we can reduce energy dependence, and by using gas, nuclear power, and batteries, we can enhance reliability." She also expressed expectations for close cooperation with Korea in the offshore wind power sector.

At the opening ceremony of the Green Transformation International Week held 20 days ago at the Yeosu Expo in Jeonnam, high-level officials are discussing barriers to energy transition and practical international cooperation measures. Photo by Hee-Jong Kang

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Le Cong Thanh, Vice Minister of Agriculture and Environment of Vietnam, stated, "In Vietnam, the green great transition is not an option but a necessary strategy," and introduced key initiatives such as shifting from fossil fuels to green fuels, greening transportation, supporting low-carbon infrastructure, improving energy efficiency, and promoting the circular economy.

Noura Hamraji, Deputy Executive Secretary of the UNFCCC, emphasized, "Until now, we have discussed energy transition in the context of responding to the climate crisis, but now all countries need to recognize that energy transition is directly linked to security and the economy." She explained that this issue will also be a main agenda item at the 31st Conference of the Parties (COP 31) to be held this November in Antalya, T?rkiye.

The opening ceremony was attended by over 800 people, including ministers and vice ministers of climate and energy departments from major countries, high-level officials from international organizations and embassies in Korea, academia, industry leaders, and civil society representatives. At the ceremony, representatives from various sectors-including children, youth, international organizations, government, and industry-took the stage to make a declaration of action pledging commitment to the green great transition.

This year's Green Great Transition International Week is held in conjunction with the third UNFCCC Climate Week, hosted for the first time in Korea, and the 2026 Climate Change Week, and will continue through the 25th.

Climate Week is an opportunity to review pending issues ahead of COP31, with more than 1,000 participants from 198 parties and international and non-governmental organizations. Yeosu City is using this Climate Week as a springboard to actively promote its bid to host COP33 in 2028. Climate Change Week has been held annually since 2009 during the week including Earth Day (April 22), with events in both Yeosu and Seoul.

An official from the Ministry of Climate, Energy and Environment explained, "Through this event, we aim to expand discussions on the green great transition both domestically and internationally, build policy consensus ahead of the planned announcement of the 'Korea Green Great Transition (K-GX) Promotion Strategy' in June, and further strengthen Korea's leading role in the climate and energy sectors."

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