South Korea

This was among the agreements signed.

The Shepherd CCS Project could be their global anchor project.

The project will support the Hankuk Paper and the country’s energy transition.

The collaboration will boost the country’s RE100 initiative.

The contract period should span 15 years.

It usually takes a decade to complete the permitting processes.

It secured its first exclusive development rights for offshore wind in the country.

LNG accounts for 26.8% of the country’s power mix.

The country’s wind installation is expected to reach 13.1 GW.

The strategy encourages cooperation with international partners to boost the supply chain.

Ørsted is developing a 1.6 GW wind project off the coast of Incheon.

Since the United States (US) Biden Administration announced the temporary pause on new liquefied natural gas (LNG) export approvals early this year, many Asian countries expressed concern about the potential disruption in energy security and decarbonization goals.

The measures will allow Korean companies to invest in electrolysis and liquid hydrogen.

Demand experienced a 26% year-on-year increase in 2023.

Over $73m was provided to fund the project.

This will support its target to reach net-zero carbon by 2040.