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Building on a two-decade strategic partnership, the Philippines and South Korea are strengthening cooperation and potential business tie-ups in a range of energy investments, including the introduction of electric vehicles (EVs) and further energy efficiency initiatives, penetration of innovative technologies such as hydrogen, development as a fuel for the future of the energy sector, and aid the Philippines in its plan to re-embrace nuclear technology in its energy mix.
In his opening remarks at the 2022 Korea-Philippines Energy Forum, which coincided with the Department of Energy’s (DOE) National Energy Awareness Month, Undersecretary of Energy Felix William B. Fuentebella renewed his call for South Korean investors to rekindle their interest in injecting fresh capital into the Philippine energy sector.
The strengthening of cooperation between the two countries serves as a follow-up to bilateral discussions between Philippine President Ferdinand Marcos Jr. and South Korean President Yoon Suk-yeol on the sidelines of the ASEAN summit last month, where they discussed a possible agreement on energy investments – primarily nuclear power and renewable energy plants ( RE), including offshore wind which is considered the “next frontier” of investment in the Philippine energy sector.
Speakers from both countries extensively examined the changing geopolitics of energy; implications of high energy prices for consumers; supply chain constraints and infrastructure development; as well as economic turbulence that could affect the application of energy technologies within the paradigm of ‘Industry 4.0’, as well as the overall investments that are progressing.
According to Fuentebella, “the holding of the forum is symbolic of the decades-long relationship between the Philippines and Korea that has evolved into a strategic partnership.”
The energy official mainly cited the Philippine government’s desire to see this partnership escalate into a stronger relationship, “especially in expanding Korean investment in the Philippine energy sector.”
Soonchang Hong, Minister Counselor of the Korean Embassy, qualified that “the importance of energy has recently been emphasized due to the disruption of the global supply chain, climate change and the 4th industrial revolution.”
Between the two countries, South Korea is by far the more “mature energy market,” whether it’s clean-tech ventures like electric motors or hydrogen fuel development; and more about nuclear plants. So, this is an Asian neighboring economy that the Philippines can rely on not only for investment, but also for thinking about the main things that they can apply in advancing the development of the domestic energy scene.
Councilor Hong said that “the forum is an excellent opportunity to deepen the understanding of energy policies and technologies and seek practical ways for cooperation in the energy sector between the two countries.”
The event attracted around 100 participants from various energy actors from both countries – including private energy firms, state-owned enterprises, automobile manufacturing firms, research and development (R&D) institutes, as well as experts and other professionals in the field.
Dr. Sanglim Lee, research fellow at the Korea Energy Economics Institute (KEEI), emphasized that “energy is emerging as a key factor for national security and carbon neutrality.”
He detailed South Korea’s five goals in that sphere – including game plans to: establish a feasible and reasonable energy mix that would include nuclear power and renewable energy; ensure strong resources and energy security; achieve improvement of energy efficiency and market structure based on market mechanisms; promote the export of energy technology and encourage new growth engines such as nuclear energy, hydrogen, solar energy and wind energy; and to improve energy welfare and policy acceptance.
Given Korea’s heavy reliance on imported energy, Gaion Kim, manager of the Korea Energy Agency (KEA), similarly focused on the strength his country gains from implementing energy efficiency measures – including investments in energy-saving facilities in industry; integration of energy-efficient projects in building construction; promoting highly efficient and environmentally friendly transport vehicles; in addition to stimulating lifestyle changes for consumers by encouraging them to switch to energy-efficient appliances, such as LED lighting and inverter technologies.
Regarding the space for the introduction of electric vehicles, Dr. Yongsu Kang, director of the Korea Institute of Automotive Technology (KATECH), pointed out that “the Korean government supports the development of electric shuttle buses for ASEAN.”
Specifically for the Philippine market, Taeioung Kwak, senior manager of Kia Corporation, revealed that Kia and KATECH are continuing the design and development of an electrified purpose-built vehicle (PBV), which is expected to be delivered by 2025.
Nuclear power installations are another strategic area of investment that Korea has targeted, including continued cooperation on any proposed repowering of the inactive Bataan Nuclear Power Plant (BNPP), as well as the targeted deployment of small modular reactors (SMRs) that would be ideal for off-grid domains. in the Philippines.
Chaeioung Lim, vice president of the Korea Atomic Energy Research Institute (KAERI), specified that they are developing the System Integrated Modular Advanced Reactor (SMART), which is its own technological experiment at SMR – and this has allowed it to join the league of more than 70 of SMR prototypes currently being pioneered and tested in various energy markets around the world.
Lim noted that their SMART model is “100 times safer than current nuclear power plants and has competitive economics that won standard design approval in 2012.
For the targeted introduction of SMART nuclear technology, he conveyed that “KAERI has maintained partnerships with other countries such as Saudi Arabia, United Arab Emirates and Jordan in technology transfer, joint R&D projects and human resource development.
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