New report on Clean Energy Market Opportunities in Korea and Australia heralds scope for climate change reduction
Media release
3 May 2010
Australia’s Parliamentary Secretary for Trade, the Hon Anthony Byrne MP, said an increase in trade between Australia and Korea in the clean and renewable energy sector would help reduce the threat of climate change.
Mr Byrne said creating a low carbon, green economy to fight climate change is the next step in the two countries’ relationship, and it is a welcome one.
Speaking about the ‘Clean and Renewable Energy Market Opportunities in Korea and Australia’ report to be launched in Adelaide today, Mr Byrne added that trade and investment in these emerging technologies provided a new pathway to strengthen Australia’s commercial and diplomatic ties with Korea.
A clean energy delegation on visit from Korea also attended the launch.
“The report is a useful guidebook to the state of play in clean energy policy and practice in Korea and Australia and it makes a good case that future growth in Australia-Korea commercial ties lies in clean energy trade and investment,” Mr Byrne said.
Overall, Korea imports about 90 per cent of its energy needs, of which Australia supplies approximately one third. Australia provides many of the energy and natural inputs to Korean industry, while Korea in turn provides manufactured goods, such as fridges and mobile phones, to Australia.
Korean companies will have the opportunity to invest in and supply Australian clean energy projects and there will be opportunities for Australian companies to provide advanced technology and services to Korea’s infrastructure projects and clean industries.
Mr Byrne said both Korea and Australia had implemented decisive policies to fight climate change and develop clean and renewable energy technologies. In Korea’s case, its decision in 2008 to adopt a new strategy for an economic model based on a low carbon, green economy was groundbreaking.
“Korea’s decision in 2008 to look for new sources of growth in a low-carbon, green economy represents a significant change in economic policy that will have a long- term impact on trading partners like Australia,” Mr Byrne said.
As the Clean and Renewable Energy report makes clear, Korea’s Green Growth policy will aim at reducing emissions and developing new clean energy technologies over a 60-year time period. Green Growth represents a fundamental shift in Korea’s thinking about economic development, at an initial estimated cost of $50 billion over four years.
“Just as our existing commercial ties are based on specific complementarities, so too will Korea’s Green Growth policy provide the possibility of new complementarities in clean energy trade and investment,” Mr Byrne said.
To support these opportunities, the Australian Government has also implemented or proposed several major policies to lower greenhouse emissions. These include a renewable energy target and the $4.9 billion Clean Energy Initiative.
Korea is now Australia’s third largest export market, which grew by 35 per cent in 2008-09 to $19 billion, or 8.3 per cent of total merchandise trade.
As an overall trading partner, Korea is Australia’s fifth largest, with two-way trade reaching $28.1 billion in 2008-09.
ENDS-
The Clean and Renewable Energy Market Opportunities in Korea and Australia report was funded by the Australia-Korea Foundation.
Media inquiries
- Parliamentary Secretary’s Office: (02) 6277 4309