The UK and the Republic of Korea (RoK) are set to establish a Clean Energy Partnership aimed at enhancing energy security and expediting the clean energy transition.
The partnership, to be signed by Energy Security Secretary Claire Coutinho and RoK’s Minister for Trade, Industry and Energy, Bang Moon Kyu, will focus on collaboration in low carbon technologies, civil nuclear, and climate change mitigation.
Notably, the agreement will reinforce commitments under the Paris Agreement, working towards phasing out unabated coal power and achieving net zero by 2050. This collaboration also involves substantial investments from South Korean businesses in the UK, backing renewable energy projects and fostering the creation of skilled jobs.
Noteworthy company plans within this context include RoK's SeAH Wind Ltd committing a £650 million investment to construct a new factory and produce offshore wind monopiles in Teesside, potentially creating up to 750 jobs by 2030.
Additionally, UK offshore wind developer Corio Generation, with a portfolio exceeding 30GW and a total value of approximately £146 billion across 10 countries, is expanding its offshore wind presence, particularly in the UK and the Republic of Korea.
In February, BP entered the South Korean offshore wind market, establishing a joint venture and acquiring a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio. This portfolio includes four projects across the Korean peninsula with a potential generating capacity of up to 6GW. These specific company initiatives align with the broader Clean Energy Partnership and contribute to the Republic of Korea's transition to clean energy while fortifying the UK's green supply chain.