Sustainable synergy: bolstering Korean-German energy partnership
In an era marked by growing environmental concerns and the urgent need for sustainable solutions, the energy sector stands as both a realm of massive disruption and hope.
Within this dynamic landscape, two industrial powerhouses, Germany and Korea, have stepped onto the stage of sustainability, pledging ambitious goals of achieving carbon neutrality by 2045 and 2050, respectively.
Yet, they face similar challenges on the path to sustainability, especially within energy-intensive sectors such as the manufacturing, chemical and heavy industries.
As we navigate this critical moment in history, our actions hold the power to not only shape our own future but also to resonate across the globe.
Recently, Korea joined 118 countries at COP28 in pledging to collectively triple the world’s renewable energy capacity by 2030. Encouragingly, Germany has made significant strides as recent statistics show a notable shift, with 55 percent of Germany’s power was derived from renewables, with its target of reaching 80 percent green energy by 2030.
This reflects both countries’ commitment to sustainable economic policies.
Recognizing the imperative of transitioning to sustainable energy systems, the focus has shifted towards expanding renewable energy sources and harnessing clean hydrogen as an alternative to conventional fuels such as coal, oil and gas.
This shift creates new opportunities for closer cooperation between Korea and Germany, with potential collaborations in renewable energy, climate-friendly technologies, energy efficiency, building a hydrogen economy and economic diversification.
Germany is a strong partner for Korea in the field of hydrogen economy, where both countries are investing heavily in hydrogen technology, usage, transport and infrastructure.
Significant efforts are required in all fields to achieve progress.
Germany’s revised national hydrogen strategy aims to establish a hydrogen maritime transport supply network, in preparation for a future where hydrogen imports account for 50 percent to 70 percent of the total hydrogen demand.
Similarly, Korea is expanding supply infrastructure, such as ammonia and liquid hydrogen import terminals, and is advanced in hydrogen for the mobility sector. When looking for solutions in this transformation to decarbonization, greening processes and renewable energy, the economic powerhouses Germany and Korea can strongly contribute with their technological excellence, industrial might and their commitment to innovation.
Collaborations between German and Korean companies serve as significant drivers and the institutionalized Korean-German Energy Partnership proves the two governments’ commitment to continued cooperation in energy transition.
With this vision, the Korean-German Chamber of Commerce and Industry will co-organize the sixth Korean-German Energy Day conference in Berlin, March 21, in cooperation with the Korea Energy Economic Institute, Korea Institute of Energy Technology Evaluation and Planning, German policy consultancy think tank adelphi and Hydrogen Convergence Alliance.
This cornerstone event, co-hosted by German Ministry for Economic Affairs and Climate Action, Korean Ministry of Trade, Industry and Energy and the Korean-German Energy Partnership, will delve into “sustainable supply chains for the energy transition,” offering a platform to explore collaborative strategies that leverage renewable energy as well as hydrogen.
As we unite forces, knowledge, strengths and expertise, we embark on this journey of enhanced collaboration, propelling economic growth and technological advancement.
The Korean-German Energy Partnership represents a strong answer to a world grappling with complex environmental challenges.
As we come together to find synergies and craft joint strategies towards sustainability, we are committed to driving economic growth and fostering innovation while addressing global challenges.
The forthcoming Korean-German Energy Day conference promises to strengthen bilateral partnerships and usher in a brighter and greener future.